In a significant development in the ICICI-Videocon loan case, former ICICI Bank Managing Director and CEO Chanda Kochhar has been found guilty by an appellate tribunal in New Delhi of accepting a ₹64 crore bribe in exchange for sanctioning a ₹300 crore loan to the Videocon Group. The tribunal’s order, dated July 3, concluded that the payment was a direct quid pro quo, routed through a company owned by her husband, Deepak Kochhar.
The tribunal stated that the bribe amount was transferred to NuPower Renewables Pvt Ltd, a company controlled by Deepak Kochhar, just one day after ICICI Bank disbursed the sanctioned loan to Videocon. The ₹64 crore came from Supreme Energy Pvt Ltd, linked to Videocon’s promoter Venugopal Dhoot. While Dhoot was shown as the formal owner, the tribunal found that Deepak Kochhar exercised actual control over Supreme Energy, revealing a concealed financial arrangement.
The judgment overturned an earlier order passed in 2020 that had allowed the release of assets worth ₹78 crore, which were attached by the Enforcement Directorate. The appellate tribunal criticised the lower authority for ignoring crucial facts and passing an order that lacked evidentiary backing. It upheld that the assets were indeed proceeds of crime and confirmed the money laundering allegations.
Chanda Kochhar was also found to have failed in disclosing her husband’s financial interests during the loan sanctioning process and did not recuse herself, violating ICICI Bank’s internal ethics and conflict of interest policies. The tribunal observed that such lapses from a senior executive indicated deliberate misconduct and a breach of fiduciary responsibility.
The tribunal also accepted the admissibility of statements recorded under Section 50 of the Prevention of Money Laundering Act, which were instrumental in confirming the money trail and sequence of events. It concluded that the structured flow of funds and their timing established the intent to facilitate a corrupt financial transaction.
The ruling is expected to have a significant impact on ongoing legal proceedings against Chanda Kochhar and Deepak Kochhar. It has also reignited the debate around corporate governance in India’s banking sector, particularly regarding how institutions handle internal oversight and transparency among top executives
