Chanda Kochhar, husband freed from jail in ICICI Bank-Videocon loan fraud case

Ex-ICICI Bank CEO Chanda Kochhar and her husband Deepak - arrested last month in the ICICI Bank-Videocon loan fraud case - walked free this morning after getting bail from the Bombay High Court.

Deepak Kochhar was released from Arthur Road Jail and his wife from Byculla Women's Prison.

Their arrest was 'not in conformity with provisions of law', the court had observed, stressing that it is incumbent for police to not only record - in writing - reasons for an arrest, but also for choosing not to take someone into custody.

The court had further held that there must be a direct link between allegedly incriminating material and an investigating officer's belief of the accused's guilt.

The court released the Kochhars' - who had challenged their arrest as 'illegal' - on a cash bail of ₹1 lakh each plus similar sureties, and surrender of passports.

Chanda and Deepak Kochhar were arrested last month by the CBI in a loan fraud case involving Videocon Group promoter Venugopal Dhoot, who has filed a similar plea.

The Kochhars were arrested by the Central Bureau of Investigation on December 24. Dhoot was arrested two days later.

The Kocchars argued that no sanction had been obtained from relevant authorities prior to their arrest, as is required under provisions of the Prevention of Corruption Act.

Chanda Kochhar's lawyers also said she had been arrested after a 'perfunctory interrogation' and that a female officer was not present at the time of her arrest, as is mandated by law.