Categories: India

SC Questions CBI Over Chanda Kochhar’s Bail Extensions in ICICI-Videocon Scam

The Supreme Court raised questions on Tuesday regarding the Central Bureau of Investigation’s (CBI) lack of objection to the repeated extensions of interim bail granted to former ICICI Bank CEO and MD, Chanda Kochhar, and her husband, businessman Deepak Kochhar, in a loan fraud case.

A bench comprising Justices Aniruddha Bose and Bela M Trivedi directed Additional Solicitor General SV Raju, representing the CBI, to explain why the agency had not contested the repeated extensions of bail. The accused were initially granted interim bail for two weeks in January, and the court sought an explanation for the continued extensions.

The Bombay High Court had granted interim bail to the Kochhars on January 9, criticizing the CBI for their “casual and mechanical” arrest, suggesting it lacked proper consideration in the loan fraud case. The CBI arrested the Kochhars on December 23, 2022, in connection with the Videocon-ICICI Bank loan fraud case.

The Supreme Court scheduled the hearing of the CBI’s appeal against the High Court’s interim bail order for October 16 and instructed the Additional Solicitor General to ascertain the appropriate course of action. The court questioned why the CBI had not raised objections at the High Court level, stating that the plea seemed to have become obsolete since the interim bail was initially granted for only two weeks.

The Kochhars had approached the High Court, contesting their arrest as illegal and arbitrary, and had sought release on bail through an interim order. The High Court found that their arrest did not comply with the law, and they were entitled to bail while their petitions were pending.

Apart from the Kochhar couple, the CBI had also arrested Videocon Group founder Venugopal Dhoot in connection with the case. The CBI had registered a case against the Kochhar couple, Venugopal Dhoot, and others, alleging that they caused a loss to ICICI Bank by granting loans to Videocon Group companies in violation of the bank’s policies.

The central agency claimed that ICICI Bank had sanctioned credit facilities of Rs 3,250 crore to Videocon group companies in contravention of the Banking Regulation Act, the Reserve Bank of India’s guidelines, and the credit policy of the top private lender. Chanda Kochhar had served as ICICI Bank CEO and MD from 2009 to 2018.

Also Read: Hamas Issues Major Rocket Threat to Ashkelon Amid Escalating Israel-Gaza Conflict
Catch all the Latest Business NewsBreaking News Events, and Latest News Updates on NewsX

Pooja

Recent Posts

Bharat Progress Report: India’s First Under Sea Inaugurated In Mumbai

The event was marked by a green flag ceremony led by Chief Minister Eknath Shinde,…

23 mins ago

Bharat Progress Report: 5 New AIIMS Were Inaugurated

Additionally, the Prime Minister also launched and laid the foundation for 202 healthcare projects worth…

36 mins ago

Bharat Progress Report 2024: Record 7.28 Crore Income Tax Returns Filed Marking 7.5 Percent Growth

A record 7.28 crore income tax returns were filed for AY 2024-25, reflecting a 7.5%…

46 mins ago

Bharat Progress Report: PM Awas Yojana Crossed 89 Lakh Houses Built

The responsibility for land and colonization falls under the jurisdiction of individual states and union…

47 mins ago

Bharat Progress Report 2024: India Was Re-Elected To UN Peacebuilding Commission

In November, India was re-elected to the United Nations Peacebuilding Commission (PBC) for the 2025-2026…

2 hours ago

Bharat Progress Report: Taxpayer Services Overhaul Under PAN2.0 Was Launched

The Permanent Account Number (PAN) has long been a crucial element in India’s financial system,…

2 hours ago