Details Chanda Kochhar found guilty of accepting a Rs 64 crore bribe in ICICI-Videocon Rs. 3250 Cr Loan
Details Chanda Kochhar found guilty of accepting a Rs 64 crore bribe in ICICI-Videocon Rs. 3250 Cr Loan
Key Points -
Research suggests Chanda Kochhar, former ICICI Bank CEO, was found guilty on July 3, 2025, by the PMLA Appellate Tribunal for accepting a ₹64 crore bribe linked to a ₹300 crore loan to Videocon Group.
The case involves allegations of conflict of interest and financial misconduct, with evidence pointing to personal benefits via her husband’s firm.
The timeline spans from 2009 to 2025, with key events including CBI and ED investigations, arrests in 2022, and ongoing legal proceedings.
Background
Chanda Kochhar, once the CEO of ICICI Bank, has been embroiled in a controversy involving a loan to Videocon Group.
On July 3, 2025, the PMLA Appellate Tribunal found her guilty of accepting a ₹64 crore bribe in exchange for sanctioning a ₹300 crore loan, part of a larger ₹3,250 crore loan package to Videocon companies between 2009 and 2011.
This ruling suggests a quid pro quo, with financial trails linking to personal benefits through her husband, Deepak Kochhar’s firm, NuPower Renewables Pvt Ltd.
Details and Allegations
The case centers on conflict of interest and misuse of position, with the Enforcement Directorate (ED) highlighting a key transaction in September 2009 where ₹300 crore was disbursed to Videocon International Electronics Ltd (VIEL), followed by a ₹64 crore transfer to NuPower.
The ED termed this a quid pro quo, violating the Banking Regulation Act, RBI guidelines, and ICICI Bank’s credit policy.
Besides Kochhar, her husband Deepak Kochhar and Venugopal Dhoot, Chairman of Videocon Group, are also implicated.
Timeline
The case began in 2009 with loan sanctions, with concerns raised in 2016.
The CBI started an enquiry in March 2018, leading to Kochhar’s resignation in October 2018.
An FIR was filed in January 2019, and the ED attached assets in 2019.
The adjudicating authority released assets in November 2020, but this was overturned in July 2025.
Arrests occurred in December 2022, with bail granted in January 2023, and the Supreme Court issued notices in September 2024.
Punishments and Current Status
The tribunal’s July 3, 2025, ruling held Kochhar guilty and reaffirmed assets as proceeds of crime, but specific penalties like fines or imprisonment are not detailed, suggesting ongoing proceedings.
Background and Context
Chanda Kochhar, a prominent figure in Indian banking, served as CEO and Managing Director of ICICI Bank until her resignation in October 2018 amid growing scrutiny over alleged financial misconduct.
The case revolves around loans sanctioned to Videocon Group companies between 2009 and 2011, totaling ₹3,250 crore, with a specific focus on a ₹300 crore loan to Videocon International Electronics Ltd (VIEL) in September 2009.
The Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) have investigated the matter, alleging a quid pro quo where Kochhar accepted a ₹64 crore bribe, with financial trails linking to personal benefits through her husband, Deepak Kochhar’s firm, NuPower Renewables Pvt Ltd, where he served as Managing Director.
The allegations suggest a conflict of interest and misuse of position, violating the Banking Regulation Act, RBI guidelines, and ICICI Bank’s internal credit policy.
This case has drawn significant attention due to Kochhar’s high-profile status, having been awarded the Padma Bhushan in 2011 for her contributions to banking, and the involvement of other key figures like Venugopal Dhoot, Chairman of Videocon Group.
Detailed Allegations and Evidence
The core allegation is that ICICI Bank, under Kochhar’s leadership, sanctioned loans to Videocon Group in exchange for personal financial benefits.
A key transaction involved disbursing ₹300 crore to VIEL in September 2009, followed by a ₹64 crore transfer from Supreme Energy Pvt Ltd (a Videocon Group company) to NuPower Renewables Pvt Ltd, controlled by Deepak Kochhar. The ED termed this a quid pro quo, suggesting the loan was sanctioned to benefit Kochhar’s family financially.
The investigation highlighted:Violations of banking regulations, including the Banking Regulation Act and RBI guidelines.
Misuse of position by Kochhar, leveraging her authority for personal gain.
Financial trails linking the bribe to NuPower, with Deepak Kochhar as a beneficiary.
The PMLA Appellate Tribunal, in its ruling on July 3, 2025, cited evidence under Section 50 of the Prevention of Money Laundering Act (PMLA), terming the transaction as a clear case of conflict of interest and quid pro quo, overturning a previous order by the Adjudicating Authority in November 2020 that had released attached assets.
Timeline of Key Events
The following timeline summarizes the progression of the case:2009-2011:
ICICI Bank sanctioned ₹1,875 crore to Videocon Group, including ₹300 crore to VIEL in September 2009, followed by ₹64 crore transfer to NuPower.
2016: Whistleblowers and journalists raised concerns about conflict of interest in the loan sanctions.
March 2018: CBI initiated a preliminary enquiry into the alleged loan fraud.
October 2018: Chanda Kochhar resigned as CEO and Managing Director of ICICI Bank amid probes.
January 2019: CBI registered an FIR against Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot under IPC sections for criminal conspiracy, cheating, and misuse of position, and under the Prevention of Corruption Act.
2019: ED launched a probe under PMLA, attaching assets worth ₹78 crore belonging to the Kochhars and Dhoot.
November 2020: Adjudicating Authority under PMLA released the attached assets, providing temporary relief to the Kochhars.
December 2022: CBI arrested Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot, escalating legal actions.
January 2023: Bombay High Court granted interim bail to the Kochhars, describing the arrests as “arbitrary” and questioning the CBI’s actions.
September 2024: Supreme Court issued a notice to the Kochhars on CBI’s petition challenging the bail granted by the Bombay High Court, indicating ongoing legal battles.
July 3, 2025: PMLA Appellate Tribunal ruled against Chanda Kochhar, holding her guilty of accepting the bribe, overturning the 2020 asset release, and reaffirming the assets as proceeds of crime.
This timeline reflects the complexity and longevity of the case, involving multiple agencies and legal proceedings, with significant developments in 2025 marking a critical juncture.Legal Proceedings and Punishments
The PMLA Appellate Tribunal’s ruling on July 3, 2025, is a pivotal moment, holding Chanda Kochhar guilty of the bribery charges.
The tribunal overturned the November 2020 order by the Adjudicating Authority, which had released assets worth ₹78 crore, reaffirming them as proceeds of crime under PMLA.
This decision underscores the ED’s stance that the financial transactions were illicit and linked to the loan fraud.However, specific details on further punishments, such as fines, imprisonment, or additional penalties, are not explicitly mentioned in the available information as of July 22, 2025.
This suggests that while the tribunal has ruled on the guilt and asset attachment, the case may still be ongoing, with potential for further legal actions under PMLA, IPC, and the Prevention of Corruption Act.
The involvement of the Supreme Court, as seen in September 2024, indicates that higher judicial review could influence future outcomes.
Involved Parties and Agency Roles
Chanda Kochhar: Former CEO of ICICI Bank, central figure accused of accepting the bribe and misusing her position.
Deepak Kochhar: Husband of Chanda Kochhar, Managing Director of NuPower Renewables Pvt Ltd, implicated in receiving the ₹64 crore transfer.
Venugopal Dhoot: Chairman of Videocon Group, alleged beneficiary of the loan sanctions, also arrested in December 2022.
CBI: Initiated the preliminary enquiry in March 2018, registered FIR in January 2019, and made arrests in December 2022, focusing on criminal conspiracy and corruption.
ED: Launched a probe under PMLA, attached assets in 2019, and pursued the case, leading to the tribunal’s ruling in July 2025, emphasizing money laundering aspects.
Judiciary: Bombay High Court granted interim bail in January 2023, and Supreme Court issued notices in September 2024, reflecting judicial oversight and appeals.
Current Status and ImplicationsAs of July 22, 2025, the case remains significant, with the tribunal’s ruling marking a major development.
The reaffirmation of assets as proceeds of crime could lead to their seizure, impacting the Kochhars financially.
However, the lack of specific punishment details suggests ongoing legal proceedings, potentially involving further trials or appeals, especially given the Supreme Court’s involvement.
This case highlights issues of corporate governance, regulatory compliance, and the intersection of banking and personal interests, with potential implications for India’s financial sector.
