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. “… ‘reason to believe’ must be based on credible material and no decision to arrest can be recorded on fancy or whimsical grounds,” the court said.
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.
