In a major blow to India’s corporate world, former ICICI Bank CEO and MD Chanda Kochhar has been found guilty of accepting a ₹64 crore bribe in exchange for sanctioning loans to the Videocon Group. An appellate tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 (SAFEMA) passed this ruling, uncovering deep-rooted corruption and conflict of interest at the top level of one of India’s biggest private sector banks.
Between 2009 and 2011, ICICI Bank approved multiple loans totaling ₹1,875 crore to the Videocon Group and its related companies. A significant disbursement of ₹300 crore was made in September 2009 to Videocon International Electronics Ltd (VIEL).
Just one day after the loan disbursement, a company linked to Videocon—Supreme Energy Pvt. Ltd.—transferred ₹64 crore to NuPower Renewables Pvt. Ltd., a company founded by Deepak Kochhar, husband of Chanda Kochhar.
Chanda Kochhar was a part of the loan approval committee within ICICI Bank and did not disclose her husband’s indirect connection to the borrowing group. She also failed to recuse herself from the decision-making process, which is a direct violation of corporate ethics, ICICI Bank’s internal policy, and RBI guidelines.
The tribunal termed this as “gross misconduct and a breach of fiduciary responsibility”. Her actions reflected a clear conflict of interest and misuse of her powerful position.
₹64 Crore Bribe or Investment?
Though the ₹64 crore was routed through layers of shell companies and business agreements, the tribunal concluded that it was not a genuine business investment but a quid pro quo—a return favor for loan approval.
It was also revealed that while Videocon’s promoter Venugopal Dhoot initially held stakes in NuPower, he later transferred them to Deepak Kochhar through complex structures, which the tribunal deemed suspicious and intentional.
Legal Timeline and Investigations
- 2018–2019: The matter came under media and regulatory scrutiny.
- 2019: The CBI registered an FIR against Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot for criminal conspiracy, cheating, and abuse of official position.
- 2020: The Enforcement Directorate (ED) attached properties worth ₹78 crore under the Prevention of Money Laundering Act (PMLA).
- December 2022: The CBI arrested Chanda Kochhar and her husband; they were later granted interim bail.
- July 3, 2025: The SAFEMA appellate tribunal declared the ₹64 crore transaction as a “bribe and proceeds of crime”, reinstating ED’s property seizure.
- Chanda Kochhar knowingly sanctioned a ₹300 crore loan to Videocon in violation of ethical norms.
- Her husband benefited personally through NuPower Renewables, which received ₹64 crore in disguised form.
- The money trail and evidence pointed to a “clear quid pro quo” arrangement.
- The earlier decision to release attached assets was incorrect and has now been overturned.
This case highlights how powerful individuals can misuse their position for personal gain and how critical it is for financial institutions to enforce strict governance standards.
Chanda Kochhar’s fall from one of India’s most admired bankers to being declared guilty of bribery is a landmark event that underlines the importance of transparency and accountability in India’s corporate landscape.
Conclusion
The tribunal’s ruling in 2025 marks a turning point in India’s fight against white-collar crime. It sends a strong message that no one is above the law—no matter how powerful or influential. The ₹64 crore bribe linked to a ₹300 crore loan deal exposed a web of deceit, shell companies, and unethical practices. As legal proceedings continue, this case will remain a reference point in the annals of Indian banking and corporate fraud history.
