Supreme Court Notices Kochhars in Loan Fraud Case
Supreme Court Notices Kochhars in Loan Fraud Case
Supreme Court Notices Kochhars in Loan Fraud Case
News summary

The Supreme Court of India has issued a notice to former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar, seeking their response to a CBI appeal against the Bombay High Court's ruling that declared their arrest in the Videocon loan fraud case as 'illegal'. The CBI contends that the arrest complied with all legal requirements, but the High Court had previously stated the arrests were done without proper reasoning, amounting to an abuse of power. The case involves alleged irregularities in loans worth Rs 3,250 crore sanctioned by ICICI Bank to the Videocon Group under Chanda Kochhar's leadership. The CBI's 2019 FIR accuses the Kochhars and others of criminal conspiracy and corruption, claiming quid pro quo arrangements involving investments in Deepak Kochhar's companies. The Supreme Court has tagged this appeal with another related to the bail granted to Videocon promoter Venugopal Dhoot.

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