After former managing director and Chief Executive officer (CEO) of ICICI Bank – Chanda Kochhar – and her husband Deepak challenged the arrest by the CBI (Central Bureau of Investigation) in the Bombay High Court, claiming it as an “illegal move”, the court on Tuesday refused to take up the plea. The vacation bench told the couple that it won’t intervene in the matter and that they would have to approach a regular bench when the court re-opens after vacation.
Both of them were arrested last week over alleged irregularities in loans provided to Venugopal Dhoot’s Videocon Group. As they approached the high court, the Kochhars stated that they were arrested without prior sanction under Prevention of Corruption Act (PCA). The petitioners also sought directions from the court to quash and set aside remand order. However, the vacation bench of HC said there was no urgency and the petitioners can approach the regular court on January 2.
The couple also sought quashing and setting aside of the FIR (first information report) registered against them by CBI. Venugopal Dhoot was also arrested on Monday by the CBI for allegedly paying bribes to former ICICI Bank chief executive Chanda Kochhar and her husband Deepak Kochhar for loans to his companies.
Kochhar had stepped down in 2018 from the top post amid intensifying probe in the matter. The Enforcement Directorate – which is also involved in the probe – has said it is investigating 24 loans aggregating ₹7,862 crore that it believes ICICI Bank loaned “illegally and criminally” to the Videocon Group when Chanda Kochhar was in charge of the bank between 2009 and 2018, HT had earlier reported.
Kochhar’s husband was arrested by the ED in September 2020 before he was granted bail in March 2021.