The former ICICI Bank CEO, Chanda Kochhar, has been found guilty by an Appellate tribunal for receiving Rs 64 crore as a bribe in exchange for sanctioning a Rs 300 crore loan to the Videocon group.
The tribunal outlined that the transaction was a case of ‘quid pro quo,’ which means “something for something.” The case has been routed through Kochhar’s husband, Deepak, via a company linked to Videocon, the tribunal said in a detailed order of July 3.
Chanda Kochhar held guilty of 64 Cr bribe
An appellate tribunal has found ex-ICICI Bank CEO Chanda Kochhar guilty of accepting Rs 64 crore as bribe for sanctioning a Rs 300 crore loan to Videocon in 2009. The money was routed to a firm owned by her husband
The tribunal held it… pic.twitter.com/ukkRlnJo7z— Nabila Jamal (@nabilajamal_) July 22, 2025
“The history given by the appellants (ED) has been narrated and supported by the evidence in the light of the reference of the statements under Section 50 of the PMLA Act, which are admissible and can be relied upon,” the tribunal said.
The body also slammed the adjudicating authority for releasing assets worth Rs 78 crore by granting relief to Kochhar.
The tribunal further endorses the Enforcement Directorate’s case, claiming her inability to disclose her conflict of interest, and at the same time, the loan sanction violated ICICI Bank’s internal policies.
The tribunal stated that ₹64 crore was transferred from Videocon’s firm, SEPL, to NuPower Renewables Pvt Ltd (NRPL), a company effectively under the control of Deepak Kochhar, just a day after ICICI Bank sanctioned a ₹300 crore loan. Although NRPL was officially listed as owned by Videocon chairman Venugopal Dhoot, the tribunal emphasized that Deepak Kochhar, who was also the company’s managing director, held actual control over it.
The tribunal observed that the allegations were supported by both documentary evidence and testimonies recorded under Section 50 of the PMLA Act, considering the financial trail as clear proof of a ‘quid pro quo’ arrangement. It also noted that Chanda Kochhar, while serving on the bank’s loan approval committee, failed to reveal her husband’s business relationship with the borrower, breaching ICICI Bank’s conflict of interest policies.
It was stated that Kochhar had misused her position in the ICICI Bank and gave loans of 1,730 crore to Videocon group promoter Venugopal Dhoot in 2009 and 2011. CBI lodged an FIR against the couple, Dhoot, for allegedly cheating ICICI Bank. It also alleged that there were irregularities in which granting loans.