Chanda Kochhar found guilty of ₹64 crore bribe in Videocon loan case

An appellate tribunal under SAFEMA (Smugglers and Foreign Exchange Manipulators Act) has held former ICICI Bank CEO and MD Chanda Kochhar guilty of accepting a ₹64 crore bribe in connection with a ₹300 crore loan extended to the Videocon Group, in an order dated July 3.

The tribunal determined the payment, routed through Supreme Energy Pvt Ltd to NuPower Renewables Pvt Ltd — a company controlled by Kochhar’s husband Deepak Kochhar — was a direct quid pro quo for the loan approval.

Though Videcon’s promoter, Venugopal Dhoot, was listed as holding company ownership, the tribunal noted actual control rested with Deepak Kochhar.

This ruling reverses a previous 2020 order by the PMLA Adjudicating Authority, which had cleared Kochhar and allowed the release of attached assets worth ₹78 crore. The appellate court rejected that earlier decision for ignoring key material facts.

It also upheld the Enforcement Directorate’s provisional attachment of assets under money laundering charges, strengthening the government’s case.

The case stems from ICICI Bank’s sanctioning of ₹300 crore to Videocon International Electronics Ltd in September 2009. A day later, the ₹64 crore was transferred to Deepak Kochhar’s firm, which the tribunal interpreted as illicit gratification.

Earlier investigations were launched: a CBI FIR in January 2019, arrests of Chanda and Deepak Kochhar and Dhoot in December 2022, and interim bail granted in January 2023. ED had attached assets in January 2020, which were released later the same year; the tribunal’s July 2025 decision reinstates the attachment.

The case highlights gross conflict of interest and misuse of authority. Chanda Kochhar chaired the ICICI credit committee and approved the Videocon loan without disclosing her husband's stakes.

With this firm finding of guilt, further legal proceedings are expected under PMLA and related laws.