Kochhars, Venugopal Dhoot remanded to judicial custody

While Chanda Kochhar will be lodged in Byculla woman’s prison, Deepak Kochhar and Dhoot will be lodged in Arthur Road jail. The three have been arrested by the Central Bureau of Investigation (CBI) in connection with alleged fraudulent grant of loans by ICICI Bank to some Videocon Group entities.

Mumbai: A special court on Thursday remanded Chanda Kochhar, former MD and CEO of ICICI Bank, her husband Deepak Kochhar and Videocon Group promoter Venugopal Dhoot to 14 days judicial custody. The three have been arrested by the Central Bureau of Investigation (CBI) in connection with alleged fraudulent grant of loans by ICICI Bank to some Videocon Group entities.

Mumbai, India - Dec. 24, 2022: CBI gets three-day custody of former ICICI bank CEO Chanda Kochhar, husband Deepak Kochhar in loan fraud case in Mumbai, India, on Saturday, December 24, 2022. (Photo by Satish Bate/ Hindustan Times) (Hindustan Times)

After they were produced before the special court on Thursday, CBI counsel A Limosin requested the court to remand them to judicial custody, stating that they are all powerful people and may influence material witnesses in the case.

As the agency did not seek any further extension in their CBI custody, the special court remanded the three to judicial custody. While Chanda Kochhar will be lodged in Byculla woman’s prison, Deepak Kochhar and Dhoot will be lodged in Arthur Road jail.

Meanwhile, the CBI on Thursday submitted its response to Kochhar’s plea for a copy of the letter dated July 9, 2021 written by ICICI Bank to CBI with regards to sanction from the bank to prosecute Kochhar.

The letter was at the centre of the arguments advanced by Chanda Kochhar’s counsel Amit Desai and Kushal Mor. Referring to the letter, the lawyers had claimed that the bank had clearly stated that it did not suffer any wrongful loss due to the loan advanced to Videocon Group. The copy however, was not provided to the defense because of which a formal plea was filed before the special court.

In its response, the CBI has claimed that the case was in the investigation stage and the accused had no right to claim any document pertaining to the case at this stage. Besides, the agency said that the letter was part of the record maintained by the investigating officer and was submitted before the court while seeking custody remand of the accused. The agency hence said that the plea was not maintainable in law.

The court will now hear arguments on the plea on Monday.