Tribunal Finds Ex-ICICI Bank CEO Chanda Kochhar Guilty in Videocon Loan Case
An appellate tribunal under the Prevention of Money Laundering Act (PMLA) has found former ICICI Bank CEO Chanda Kochhar guilty of accepting a ₹64-crore bribe as a quid pro quo for sanctioning a loan to the Videocon Group. The tribunal upheld the Enforcement Directorate's attachment of her properties, deeming them proceeds of crime. This landmark verdict is a significant development in one of India's most high-profile cases of corporate corruption, with major implications for banking accountability.
Unpacked:
The tribunal found that ₹64 crore was transferred from Videocon's entity SEPL to NuPower Renewables Pvt Ltd (NRPL), controlled by Chanda Kochhar’s husband, Deepak Kochhar, just one day after the ₹300 crore loan was disbursed by ICICI Bank, establishing a direct link and quid pro quo arrangement.
Key evidence included the timing and money trail of the ₹64 crore transfer, statements recorded under Section 50 of the PMLA Act, and testimony from Videocon chairman Venugopal Dhoot. The tribunal emphasized the undisclosed conflict of interest and violation of ICICI Bank’s internal policies.
The case will now proceed to trial. The Supreme Court has also issued notices to the Kochhars regarding the CBI’s petition to cancel their bail. Chanda Kochhar can appeal the tribunal’s decision or defend herself in the ongoing criminal proceedings.
This high-profile conviction of a former leading bank CEO, based on a clear money trail and policy violations, sets a precedent for stricter enforcement against corruption. It signals increased regulatory scrutiny and could lead to stronger internal controls within India’s banking sector.