ICICI-Videocon Scam: Supreme Court Issues Notice on CBI Appeal Challenging Kochhar Couple’s ‘Illegal’ Arrest

The Supreme Court on Friday issued a notice on an appeal filed by the Central Bureau of Investigation (CBI), challenging a Bombay High Court order that declared the arrest of former ICICI Bank CEO and MD, Chanda Kochhar, and her husband, Deepak Kochhar, as “illegal” in the alleged Videocon loan fraud case. A bench comprising Justices Sanjiv Khanna and Sanjay Kumar sought responses from the Kochhar couple and the Maharashtra government regarding the CBI’s appeal.

In its January 9, 2023 ruling, the Bombay High Court had not only declared the Kochhars’ arrest as illegal but also granted them interim bail. The court rejected the CBI’s reasoning for the arrest, which was based on allegations of non-cooperation and withholding of crucial information. The CBI had detained the couple on December 23, 2022, in connection with the case.

Also read: CBI Arrests Dheeraj Wadhawan In ₹34,000 Crore DHFL Bank Fraud Investigation

Along with the Kochhars, the CBI had also arrested Venugopal Dhoot, the founder of Videocon Group. The central agency had filed charges against the Kochhar couple, Dhoot, and others for allegedly causing financial loss to ICICI Bank by sanctioning loans to the Videocon Group in violation of the bank’s policies. The CBI claimed that ICICI Bank had extended credit facilities amounting to Rs 3,250 crore to Videocon Group companies, contravening the Banking Regulation Act, Reserve Bank of India’s guidelines, and ICICI’s credit policies.

Chanda Kochhar served as the CEO and MD of ICICI Bank from 2009 to 2018.