The Bombay High Court, in its assessment of the events surrounding the December 2022 arrest of former ICICI Bank Managing Director Chanda Kochhar and her spouse Deepak Kochhar by the Central Bureau of Investigation (CBI) in connection with a loan fraud case involving Videocon, denounced the action as an "abuse of power." The court emphasized that the arrest lacked "application of mind and due regard to the law."
The arrest of Chanda and Deepak Kochhar on December 23, 2022, prompted the High Court to scrutinize the circumstances leading to their apprehension. In a recent order disclosed on Monday, the court criticized the CBI for what it deemed a "routine arrest" bereft of adequate consideration and legal justification.
Highlighting the absence of compelling circumstances or supporting evidence necessitating the couple's arrest, the High Court deemed the action unlawful, emphasizing the need for a more robust legal basis.
Moreover, the court dismissed the CBI's assertion regarding the Kochhars' purported lack of cooperation during the investigation. It cited Article 20(3) of the Indian Constitution, which grants individuals the right against self-incrimination, noting that exercising the right to remain silent should not be misconstrued as non-cooperation.
This development transpired over two weeks after the court's confirmation of an order granting Chanda Kochhar interim bail, premised on the prima facie indication of an unjust arrest.
In the broader context, the CBI's investigation into the loan fraud case implicates not only Chanda and Deepak Kochhar but also Videocon chief Venugopal Dhoot, as well as several associated entities including Nupower Renewables (NRL), Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries. These parties are accused in the FIR under sections of criminal conspiracy and the Prevention of Corruption Act (PCA) provisions.
Dhoot was also apprehended in connection with the case, albeit being granted bail in January 2023.
