Former ICICI Bank CEO Chanda Kochhar has been found guilty of taking a ₹64 crore bribe for approving a ₹300 crore loan to Videocon, as per TOI report. The tribunal observed a clear ‘quid pro quo’ and pointed to a direct money trail routed through her husband’s firm.
An appellate tribunal has upheld the Enforcement Directorate’s case, citing Chanda Kochhar’s failure to disclose conflict of interest. The tribunal revealed that the bribe money was routed from Videocon’s unit, Supreme Energy Pvt Ltd, to Deepak Kochhar’s NuPower Renewables Pvt Ltd. The ₹64 crore transfer was executed just one day after ICICI Bank disbursed the ₹300 crore loan to Videocon.
The tribunal emphasised Kochhar’s breach of ICICI Bank’s internal policy. She was a key committee member who sanctioned the questionable loan while concealing her husband’s financial ties to the Videocon chairman. This deliberate non-disclosure showcased serious governance failure and ethical compromise in the loan approval process.
The tribunal reprimanded the earlier adjudicating authority’s 2020 decision that released ₹78 crore worth of attached assets linked to Kochhar. It ruled that essential evidence was overlooked by the authority, and the money trail presented strong proof to justify confiscation of assets under the Prevention of Money Laundering Act (PMLA).
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Though Venugopal Dhoot initially appeared as the owner of NuPower on paper, the tribunal noted that control rested with Deepak Kochhar, who was its managing director. This reinforced the claim that the ₹64 crore transfer constituted a bribe, confirming misuse of position by Chanda Kochhar.
On July 22, 2025, ICICI Bank share price opened at ₹1,474.10 on NSE, above the previous close of ₹1,465.80. During the day, it surged to ₹1,477.00 and dipped to ₹1,470.60. The stock is trading at ₹1,475.50 as of 9:17 AM. The stock registered a moderate gain of 0.66%.
Over the past week, it has moved up by 3.44%, over the past month, it has moved up by 3.61%, and over the past 3 months, it has moved up by 4.17%.
Chanda Kochhar’s conviction exposes a serious breach of ethics in corporate lending. With proven money trails, hidden interests and a breakdown in disclosure norms, this case marks a significant step in holding high-ranking figures accountable in financial institutions.
Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Jul 22, 2025, 10:42 AM IST
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