CBI’s Arrest Of Ex Banker Chanda Kochhar

Illegal, Says Bombay High Court

They are being explored for ₹ 3,000-crore loan provided to the Videocon Group when Chanda Kochhar was heading the private sector bank.
New Delhi: 
Ex-ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar are set to be released after the Bombay High Court said their arrests were not in confer with the law. They were arrested by the Central Bureau of Investigation (CBI) on December 23 in a case linked to supposed torsion in an over ₹ 3,000-crore loan provided to the Videocon Group when Chanda Kochhar was heading the private sector bank.

The Kochhars assert before the court that their arrest is illegal as under the avoidance of Corruption Act, sanction under Sec 17A of the Act is mandatory to begin a probe, and the agency hasn’t got any such punishment to begin this investigation.
The CBI had named the Kochhars, Videocon Group chairman Venugopal Dhoot, along with companies NuPower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal scheme and provisions of the Prevention of Corruption Act in 2019.

The CBI alleges that ICICI Bank authorize credit facilities to the tune of ₹ 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.
It further supposed that as a part of quid pro quo, Venugopal Dhoot made an investment of ₹ 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.

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