Chanda Kochhar Held Guilty of Rs 64 Crore Bribe in Videocon Loan Case
- Tribunal confirms Rs 64 crore was a bribe paid by Videocon for a Rs 300 crore loan sanctioned by ICICI Bank.
- Chanda Kochhar failed to disclose her husband’s control over the beneficiary firm, NuPower Renewables.
- Tribunal allows ED to retain attached assets worth Rs 78 crore, overturning the 2020 relief order.
In a significant development, the appellate tribunal has held former ICICI Bank CEO and MD, Chanda Kochhar, guilty of receiving a bribe of Rs 64 crore from the Videocon Group in exchange for facilitating a loan of Rs 300 crore sanctioned by ICICI Bank. The ruling, reported by The Times of India, marks a critical turn in the high-profile investigation led by the Enforcement Directorate (ED).
The tribunal, in its order dated July 3, stated that the Rs 64 crore was paid as quid pro quo after the bank sanctioned the loan to the Videocon Group. The funds were allegedly routed through Videocon’s company, Supreme Energy Pvt Ltd (SEPL), to NuPower Renewables (NRPL), a firm controlled by Chanda Kochhar’s husband, Deepak Kochhar. Although the ownership of NRPL appeared to lie with Videocon CMD V N Dhoot on paper, the tribunal pointed out that Deepak Kochhar had full control over the firm, thereby establishing the connection.
Highlighting a clear conflict of interest, the tribunal observed that Chanda Kochhar was part of the committee that approved the controversial loan but failed to disclose her personal connection to the transaction. It emphasized that the Rs 64 crore transfer occurred just a day after the disbursement of the loan, reinforcing the allegation of a bribe.
In a further blow to the Kochhars, the tribunal overturned the 2020 ruling by the adjudicating authority that had ordered the release of Rs 78 crore worth of assets attached by the ED. The appellate body criticized the earlier decision, saying it had overlooked key facts and evidence. "We cannot endorse the findings of the adjudicating authority going against the record and ignoring the relevant facts", it stated.
The tribunal also upheld the admissibility of statements recorded under Section 50 of the Prevention of Money Laundering Act (PMLA), strengthening the ED’s claims of money laundering and financial impropriety.
This ruling not only reinforces the ED’s charges but also paves the way for further legal action in the high-stakes case. With assets now reattached and the bribery angle officially acknowledged, the case against Chanda Kochhar and her husband Deepak Kochhar is expected to gather momentum in the coming days.
