In an alleged multi-crore money laundering scam the release of former ICICI Chief Executive Officer (CEO) Chanda Kochhar and her husband Deepak Kochhar accused has been allowed by the Bombay High Court on Monday.
Meanwhile, while observing the arrest of the Kochhar couple the court said “not in accordance with the law” and from the judicial custody they have been allowed to release on a cash bail of Rs 1 lakh each.
Earlier on 23 December 2022 the Kochhar couple was arrested by the Central Bureau of Investigation in the Videocon-ICICI loan scam case.
Moreover, to the Videocon Group six loans were sanctioned worth Rs 1,875 crore between June 2009 and October 2011, CBI found during its preliminary inquiry.
However, in 2012 the agency said that the loans were declared non-performing assets which caused a loss of Rs 1,730 crore to the bank.
Furthermore, on 24 December 2022 former Managing Director (MD) and Chief Executive Officer (CEO) of the ICICI bank Chanda Kochhar and her husband Deepak Kochhar were produced before a special court of the Central Bureau of Investigation (CBI) for carrying forward remand proceedings.