Chanda Kochhar Found Guilty: ₹64 Crore Bribery Shocker in ICICI-Videocon Loan Case
In a major blow to corporate integrity in India’s banking sector, former ICICI Bank CEO Chanda Kochhar has been found guilty of accepting a ₹64 crore bribe in the controversial ICICI Bank–Videocon loan case. The Appellate Tribunal under SAFEMA (Smugglers and Foreign Exchange Manipulators Act) overturned the earlier clean chit given by the PMLA Adjudicating Authority, firmly siding with the Enforcement Directorate (ED) and recognizing the transaction as prima facie money laundering.
🔍 What Is the ICICI-Videocon Loan Controversy?
Back in 2009, ICICI Bank, under Chanda Kochhar's leadership, sanctioned a ₹300 crore loan to the Videocon Group. Soon after, ₹64 crore made its way to NuPower Renewables Pvt. Ltd. (NRPL), a firm linked to Kochhar’s husband Deepak Kochhar. This amount was routed through Supreme Energy Pvt. Ltd. (SEPL), reportedly connected to Videocon promoter V.N. Dhoot.
⚖️ What the Tribunal Found
The tribunal's findings paint a clear picture of conflict of interest:
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Chanda Kochhar presided over the committee that sanctioned the loan, despite being aware of Videocon's ties to her husband.
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The ₹64 crore transfer shortly after the loan was disbursed was seen as a bribe.
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Deepak Kochhar controlled both SEPL and NRPL, solidifying the direct benefit derived from the sanctioned loan.
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V.N. Dhoot himself, in a statement to the ED, confirmed Deepak Kochhar was managing NRPL at the time.
The tribunal criticized the Adjudicating Authority for ignoring critical evidence and instead focusing on NRPL’s shareholding structure, rather than its operational control, which lay with Deepak Kochhar.
🏦 Backstory: Arrests and Legal Battle
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2020: ED attached assets worth ₹78 crore belonging to the Kochhars.
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September 2020: Deepak Kochhar was arrested, later released on bail.
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December 2022: Chanda and Deepak were arrested by the CBI.
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January 2023: Bombay High Court granted them interim bail.
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February 2024: The High Court deemed their arrest as unlawful and an abuse of power.
Despite this, the Appellate Tribunal has now reversed the previous relief and ruled that there is enough evidence to move forward with asset attachments and further proceedings.
🧩 What This Means for Indian Banking
This case is a reminder of the vulnerabilities in corporate governance and the importance of transparency in financial institutions. Chanda Kochhar was once a celebrated face in Indian banking, leading ICICI Bank with global acclaim. But this ruling marks a sharp fall from grace and highlights the dangers of conflict of interest and abuse of power.
📝 Final Thoughts
As the case now awaits Trial Court proceedings, it stands as a significant moment in India’s fight against financial crimes. The Kochhar-Videocon case is no longer just a story of a bad loan—it is now officially a case of bribery and money laundering, with implications for corporate India’s reputation and the need for stronger internal checks in banks.
Reference from:- https://www.hindustantimes.com/business/exicici-bank-ceo-chanda-kochhar-found-guilty-of-accepting-rs-64-crore-bribery-101753171162624.html