Bombay High Court: CBI’s Arrest of Chanda and Deepak Kochhar in ICICI-Videocon Case Deemed Illegal
The Bombay High Court recently ruled that the arrest of Chanda Kochhar, former Managing Director and CEO of ICICI Bank, and her husband Deepak Kochhar by the Central Bureau of Investigation (CBI) in the Videocon loan case was illegal. A division bench comprising Justices Anuja Prabhudessai and N R Borkar confirmed the interim bail granted to the couple on January 9, 2023.
Chanda Kochhar and Deepak Kochhar were arrested by the CBI on December 24 on allegations of cheating and irregularities in a loan of Rs. 3.250 crore granted to the Videocon Group in 2012. The complainant alleged that Kochhar’s husband and her family benefited from the dealings.
It was claimed that when Chanda Kochhar was leading ICICI Bank, she approved a loan for the Videocon Group, and in return, her husband’s company Nu Renewable allegedly received investment from Videocon. The loan eventually turned into a non-performing asset (NPA) and was labeled as bank fraud.
After initial custody by the CBI, the special CBI court remanded them to judicial custody on December 29. However, on January 9, a co-ordinate bench ordered their interim release from judicial custody.
The Court found the arrest to be in violation of Section 41A of the Code of Criminal Procedure (CrPC), which mandates sending notice for appearance before the concerned police officer. Senior Advocate Amit Desai, representing Chanda Kochhar, argued that while they weren’t requesting the court to quash the FIR, the Kochhars were arrested illegally, bypassing the mandated procedure under the CrPC.
Advocate Kuldeep Patil, representing the CBI, argued that the interim order only considered the arrest memo and did not refer to the case diary or the remand application. He added that even the chargesheet against Chanda Kochhar contained evidence of non-cooperation.
The Court’s decision highlights the importance of adhering to procedural safeguards and ensuring that arrests are made in accordance with the law. It underscores the principle of fair treatment and due process, essential in upholding the rights of individuals in the criminal justice system.
In conclusion, the Bombay High Court’s ruling serves as a reminder of the need for legal proceedings to adhere strictly to procedural norms and respect the rights of the accused, while also emphasizing the importance of accountability and transparency in investigating allegations of financial misconduct.
