Chanda Kochhar found guilty in ₹64 cr bribe case linked to Videocon loan

An appellate tribunal found ex-ICICI CEO Chanda Kochhar guilty of taking a ₹64 crore bribe after approving a ₹300 crore loan to Videocon; the money was routed to her husband's firm

An appellate tribunal in New Delhi has ruled that former ICICI Bank CEO Chanda Kochhar was involved in a quid pro quo arrangement involving a ₹64 crore bribe linked to the sanctioning of a ₹300 crore loan to the Videocon Group, according to a report by The Times of India. 

The detailed order, dated July 3, backs the Enforcement Directorate's (ED) claims that Kochhar misused her position at the bank and violated disclosure norms. The tribunal found that the bribe was routed from Videocon’s entity SEPL to NuPower Renewables Pvt Ltd, a company controlled by Kochhar’s husband Deepak Kochhar, just a day after the loan disbursement.   

 

 

  The order noted that although NuPower Renewables Pvt Ltd (NRPL) was shown on paper as being owned by Videocon Chairman Venugopal Dhoot, the actual control rested with Deepak Kochhar, who was also its managing director. The tribunal said, “The allegation made by the appellants stands because on paper ownership of NRPL is shown to be of VN Dhoot... but the entire control of the company was of Deepak Kochhar.” 

It added that statements recorded under Section 50 of the PMLA Act were valid and admissible, offering direct evidence of the quid pro quo arrangement, the news report said.

 

ED’s asset attachments justified, says tribunal

The tribunal also criticised the adjudicating authority’s earlier decision in November 2020, which had favoured the Kochhars and ordered the release of assets worth ₹78 crore. Calling that decision flawed, the tribunal said, “The adjudicating authority has ignored the material facts... we cannot endorse the finding... Thus, we find substance in the allegation of the appellants.” 

The tribunal said that the loan was sanctioned despite clear conflicts of interest and in violation of ICICI Bank’s internal policies, as Kochhar was part of the loan sanctioning committee. 

A major point of contention was the timing of the ₹64 crore transfer from SEPL to NRPL. The tribunal said, “The issue remains about the transfer of ₹64 crore by Videocon group... to NRPL the day after the disbursement of the loan.” This detail, according to the tribunal, strongly supported the ED’s claim that the money was a bribe in exchange for sanctioning the loan, the The Times of India report mentioned.

 

Deepak Parekh recalls merger proposal from Kochhar

In June this year, former HDFC Chairman Deepak Parekh revealed that Chanda Kochhar had once suggested a merger between HDFC and ICICI Bank, long before HDFC’s eventual merger with its banking arm in 2023. During a conversation on Kochhar’s YouTube channel, Parekh recalled: “You said that ICICI started HDFC. ‘Why don’t you come back home?’ That was your offer.” 

Parekh said he declined the proposal, calling it inappropriate at the time. “It would not have been fair or proper with our name and the bank and all.” 

He added that the 2023 HDFC-HDFC Bank merger came about largely due to regulatory pressure. With HDFC’s asset size crossing ₹5 trillion, the RBI classified it as systemically important, prompting the merger. “RBI supported us... but there were no concessions, no relief, no time, nothing,” Parekh said.