Chanda Kochhar, her husband Deepak Kochhar released from jail

Chanda Kochhar walked out of the Byculla women's prison in Mumbai, while her husband was released from the Arthur Road jail, the official said.

January 10, 2023 11:08 am | Updated January 11, 2023 02:43 am IST - Mumbai

File photo of former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar.

File photo of former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar. | Photo Credit: ANI

ICICI bank former chief executive officer and managing director Chanda Kochhar and her husband Deepak were released from jail on Tuesday in the Videocon bank fraud case.

The couple was released a day after the Bombay High Court held, “The arrest is not in accordance with law.” They were arrested on December 23, 2022 and were sent to judicial custody on December 29, 2022. Ms. Kochhar was released from Byculla jail and her husband Mr. Kochhar from Arthur Road Jail.

Chanda Kochhar released from jail
| Video Credit: ANI

On January 8, a division Bench of Justices Revati Mohitedere and P.K. Chavan said, “There was non-compliance of the mandate of Section 41A (notice of appearance before police officer), Section 41B (procedure of arrest and duties of officer making arrest) and Section 60A (arrest to be made strictly according to the Code) of the Code of Criminal Procedure (CrPC) will enure to the benefit of the petitioners, warranting their release on bail. The ground for arrest of the petitioners mentioned in the arrest memos is in clear breach of the mandatory provisions of sections mentioned above,” the court added.

The Central Bureau of Investigation (CBI) had filed a First Information Report in the case on January 22, 2019, under Section 420 (cheating and dishonestly inducing delivery of property and Section 120B (criminal conspiracy) of the Indian Penal Code (IPC) and sections of the Prevention of Corruption Act. The CBI has alleged that ICICI bank under the leadership of Ms. Kochhar sanctioned a credit of ₹3,250 crore to companies owned by the Videocon Group, which are in direct violation to The Banking Regulation Act, guidelines by the Reserve Bank of India (RBI) and the credit policies of banks.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.