Chanda Kochhar Found Guilty in Rs 64 Crore Bribery Case (Image Source: Social Media)
Former ICICI Bank CEO Chanda Kochhar has been found guilty of accepting a bribe of ₹64 crore in exchange for approving a ₹300 crore loan to the Videocon Group back in 2009. This decision came from the Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA), overturning an earlier clean chit given by the PMLA Adjudicating Authority.
The Tribunal supported the Enforcement Directorate’s (ED) earlier decision to attach Kochhar's assets, stating there is enough initial proof of money laundering involved in the loan deal.
The Tribunal pointed out that Chanda Kochhar’s involvement in the loan approval process showed a serious conflict of interest. Just after the ₹300 crore loan was issued to Videocon, ₹64 crore was transferred to NuPower Renewables Pvt. Ltd. (NRPL), a firm managed by her husband, Deepak Kochhar.
This money was routed through Supreme Energy Pvt. Ltd. (SEPL), which was reportedly connected to Videocon’s founder, Venugopal Dhoot. Though the final verdict lies with the trial court, the tribunal found enough evidence to support ED’s asset attachment.
The Tribunal strongly disagreed with the PMLA Adjudicating Authority’s earlier decision, saying it had ignored important facts. It noted that Deepak Kochhar managed NRPL and had control through SEPL, where he owned 95% of the shares. Statements made by Dhoot under the PMLA Act further confirmed Deepak’s role in running the company.
In 2020, the ED had attached assets worth ₹78 crore from the Kochhars, but this was reversed the same year. Now, the Tribunal has upheld the ED's stance again. Deepak Kochhar was arrested in September 2020 and released on bail. Both he and Chanda Kochhar were later arrested by the CBI in December 2022 but received interim bail from the Bombay High Court in January 2023. In February 2024, the Court ruled their arrest as unlawful and a misuse of authority.
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