Former ICICI Bank CEO Held Guilty of Rs 64-Crore Bribe in Rs 300-Crore Loan Sanction to Videocon

Former ICICI Bank CEO Chanda Kochhar found guilty of receiving a Rs 64 crore bribe in exchange for sanctioning a Rs 300 crore loan to the Videocon group. The appellate tribunal ruled that the payment was a clear case of 'quid pro quo' and that Kochhar failed to disclose her conflict of interest and violated ICICI Bank's internal policies. The tribunal also criticized the earlier release of assets worth Rs 78 crore.

Title: Former ICICI Bank CEO Chanda Kochhar Found Guilty of Rs 64 Crore Bribe in Videocon Loan Case

An appellate tribunal has found former ICICI Bank CEO Chanda Kochhar guilty of receiving a Rs 64 crore bribe in exchange for sanctioning a Rs 300 crore loan to the Videocon group. The ruling, issued on July 3, 2025, confirmed that the payment was a clear case of 'quid pro quo', routed through Kochhar’s husband, Deepak, via a company linked to Videocon [1].

The tribunal's decision underscores the seriousness of the allegations, highlighting that Kochhar failed to disclose her conflict of interest and violated ICICI Bank’s internal policies. The Rs 64 crore payment was transferred from Videocon’s entity SEPL to NuPower Renewables Pvt Ltd (NRPL), a company effectively controlled by Deepak Kochhar, just one day after the Rs 300 crore loan was disbursed by ICICI Bank [2].

The tribunal noted that Kochhar, while serving as part of the loan sanctioning committee, did not disclose her husband’s business links with the borrower, thereby violating the bank’s conflict of interest rules. The tribunal also criticized the earlier decision of the adjudicating authority, which had allowed the release of attached assets worth Rs 78 crore, stating that the adjudicating authority had ignored crucial material facts [1].

The ruling has significant implications for Kochhar and the financial sector, reinforcing the ED’s charges of money laundering and impropriety. The tribunal admitted statements recorded under Section 50 of the Prevention of Money Laundering Act (PMLA) as valid evidence, supporting the ED’s case that the money was a bribe linked to the loan sanction [2].

The decision underscores the importance of ethical conduct and transparency in financial institutions, and it may lead to further action against Kochhar and her associates.

References
[1] https://m.economictimes.com/industry/banking/finance/banking/ex-icici-bank-ceo-chanda-kochhar-held-guilty-of-rs-64-crore-bribe-in-rs-300-crore-loan-sanction-to-videocon/articleshow/122825243.cms
[2] https://www.financialexpress.com/business/industry-chanda-kochhar-former-icici-bank-ceo-guilty-of-quid-pro-quo-in-videocon-loan-case-3921549/