New Delhi: The Central Bureau of Investigation (CBI) filed a petition against the invalidation of Chanda Kochhar and her husband Deepak Kochhar’s arrests by the agency in relation to the alleged ₹3,250-crore Videocon loan fraud case. On Friday, the Supreme Court requested responses from the former managing director of ICICI Bank.
The couple received notices from a bench of justices Sanjiv Khanna and PV Sanjay Kumar, which accepted the CBI’s appeal against the Bombay High Court’s ruling from February 6. Additional solicitor general, SV Raju, defended the CBI’s position against the high court ruling by stating that the two were arrested in accordance with all applicable laws and procedures.
The CBI’s petition against the couple will be considered alongside another plea the agency filed against the bail granted to Videocon Group promoter Venugopal Dhoot in the same case earlier this year, the court stated in a notice it issued in the case.
The CBI misused its authority and acted without proper consideration when it arrested Chanda Kochhar and her husband, the high court declared in its ruling on February 6.
“The investigating agency (CBI) has not provided any facts or substantial evidence to support the decision to make an arrest,” the high court declared, adding that regular arrests made without a warrant or in compliance with the law constitute an abuse of authority.
The CBI was unable to provide evidence of circumstances or supporting documentation for the arrest, according to the high bench of justices Anuja Prabhudessai and N R Borkar. “Without this, the arrest is illegal, and the provision is essentially a dead letter.”
Regarding the purported ₹3,250 crore loan fraud involving Videocon, the Kochhars were placed under arrest in December 2022. According to the CBI’s 2019 FIR, ICICI Bank, led by Chanda Kochhar, approved a ₹3,250 crore credit to the Videocon Group, headed by Venugopal Dhoot, in defiance of banking regulations.
The couple filed an appeal with the high court after their arrest, claiming that their detention was unlawful. They were granted interim bail by the high court in January 2023, with instructions to assist with the investigation and appear before the CBI as needed.
The Kochhars had not cooperated with the investigation, the CBI argued, and their arrest was required to determine the scope of the purported conspiracy and locate additional possible co-conspirators.
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