Mumbai: The Bombay High court on Monday has allowed the release of former ICICI bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in connection to the Videocon loan fraud case.
In their plea, the Kochhars claimed that their arrest by the CBI, in connection with a case related to alleged irregularities in loans provided to Venugopal Dhoot-led Videocon Group, was “illegal”.
Chanda and Deepak Kochar need to submit Rs 1 lakh cash each to walk out of the jail on interim bail.
The CBI alleges that ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group in violation of the Banking Regulation Act, RBI guidelines and the credit policy of the bank.
They were arrested by the Central Bureau of Investigation (CBI) on December 23 in a case linked to alleged irregularities in an over Rs 3,000-crore loan provided to the Videocon Group when Chanda Kochhar was heading the private sector bank.