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Indian Court Grants Bail to Former ICICI Bank Chief in Loan Fraud Case

© AP Photo / Gurinder OsanICICI Bank CEO Chanda Kochhar looks on during a session at the India Economic Summit in New Delhi, India, Monday, Nov. 9, 2009.
ICICI Bank CEO Chanda Kochhar looks on during a session at the India Economic Summit in New Delhi, India, Monday, Nov. 9, 2009. - Sputnik India, 1920, 09.01.2023
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Chanda Kochhar resigned as CEO of ICICI Bank in 2018 after a probe was launched into her alleged involvement in a financial scam worth around $400 million.
The Bombay High Court on Monday granted bail to former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar in a loan fraud case involving the bank and consumer electronics company Videocon.
The court ruled that the arrests of the Kochhars were not in accordance with the law and ordered them to cooperate with the investigation and surrender their passports to the Central Bureau of Investigation (CBI).

"The petitioners' arrest was not in accordance with law and not in compliance with Section 41 A of the Criminal Procedure Code," a division bench of Justice Revati Mohite-Dere and Justice Prithviraj K Chavan said.

The CBI filed charges of criminal conspiracy and fraud against the couple and several other businessmen in early 2019.
The CBI alleges that ICICI Bank, under Chanda Kochhar's leadership, approved high-value loans between 2009-12 to Videocon in violation of the bank's lending policies in exchange for an investment by Videocon's owner in a business owned by Deepak Kochhar.
The Kochhars and Videocon chief Venugopal Dhoot were arrested in connection with the case on December 23.
On December 29, a special court ordered that the Kochhars and Dhoot be held in judicial custody until January 10, after the CBI did not request their further custody for questioning.
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