Tribunal Finds Ex-ICICI CEO Chanda Kochhar Guilty in Rs 64 Crore Videocon Loan Bribery Case

In a landmark verdict, an appellate tribunal under the Smugglers and Foreign Exchange Manipulators Act (SAFEMA) has found former ICICI Bank CEO and Managing Director Chanda Kochhar guilty of accepting a Rs 64 crore bribe for sanctioning a Rs 300 crore loan to the Videocon Group during her tenure[1][2][3]. The ruling, dated July 3, 2025, and made public on July 22, 2025, overturns a previous clean chit from the PMLA Adjudicating Authority and upholds the Enforcement Directorate’s (ED) seizure of her assets[1][3].

The tribunal concluded that the Rs 64 crore was routed through Kochhar’s husband, Deepak Kochhar, whose firm, NuPower Renewables Pvt Ltd (NRPL), received the funds within a day of the loan disbursal[2][4]. The money was transferred via Supreme Energy Pvt Ltd (SEPL), a company previously controlled by Videocon promoter Venugopal Dhoot, who had allegedly ceded control to Deepak Kochhar[2][3]. The tribunal described the transaction as a clear case of money laundering and highlighted Kochhar’s conflict of interest, noting her familiarity with Dhoot and her role in approving the loan despite internal bank guidelines against such conduct[2].

Criticizing the earlier PMLA Adjudicating Authority’s decision to release Kochhar’s assets, the tribunal stated that the previous ruling ignored material facts and focused excessively on technicalities like company shareholding, rather than the substance of the quid pro quo arrangement[2][3]. The tribunal specifically rejected Chanda Kochhar’s defense, stating she should not have participated in the loan committee’s decision due to her close connections with the beneficiary parties[2].

Chanda Kochhar, who stepped down as ICICI Bank CEO in October 2018 amid intensifying scrutiny, was arrested along with her husband and Venugopal Dhoot in December 2022[3]. The latest ruling is expected to have significant implications for ongoing investigations into banking sector corruption and corporate governance standards in India.

The case has drawn widespread attention as it underscores regulatory challenges in India’s financial sector and sets a precedent for holding top executives accountable for alleged malfeasance. The ED’s continued pursuit of the case, despite earlier setbacks, signals a renewed focus on high-profile economic offenses.