Chanda Kochhar and her husband Deepak Kochhar will be released after the Bombay High Court ruled their arrests were illegal. On December 23, the CBI arrested them for alleged irregularities in a $3,000-crore loan provided to Videocon Group when Chanda Kochhar was CEO.
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The Kochhars argued that their arrest was illegal because under the Prevention of Corruption Act, sanction under Section 17A of the Act is required to initiate a probe, and the agency didn’t get any such sanction.
The CBI had named the Kochhars, Videocon Group chairman Venugopal Dhoot, along with NuPower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited, as accused in the FIR filed under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019.
The CBI says ICICI Bank granted credit to Videocon Group companies totaling $3250 crore in violation of the Banking Regulation Act, RBI guidelines, and the bank’s credit policy.
Venugopal Dhoot also allegedly invested 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL) as a part of a quid pro quo, and then transferred SEPL to Deepak Kochhar’s Pinnacle Energy Trust between 2010 and 2012.
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