Chanda Kochhar Found Guilty in Rs 64 Crore Bribery Case Linked to Videocon Loan

NEW DELHI:
In a significant development in one of India’s high-profile corporate corruption cases, former ICICI Bank MD and CEO Chanda Kochhar has been held guilty of accepting a bribe of Rs 64 crore in exchange for sanctioning a Rs 300 crore loan to the Videocon Group.

The ruling came from an appellate tribunal in New Delhi on July 3, which upheld the Enforcement Directorate’s (ED) charges of quid pro quo in the transaction. According to the order, the bribe was routed through Kochhar’s husband, Deepak Kochhar, via M/s NuPower Renewables Pvt Ltd (NRPL), a company allegedly controlled by him but officially linked to Videocon’s Venugopal Dhoot.

The tribunal stated, “The allegation made by the appellants stands because on paper ownership of M/s NRPL is shown to be of V N Dhoot but according to him also, the entire control of the company was of Deepak Kochhar. Thus, the allegations were made for quid pro quo to Chanda Kochhar for sanction of loan to Videocon Group of Industries.”

It added that a total of Rs 64 crore was transferred to NRPL, managed by Deepak Kochhar, following the disbursement of the Rs 300 crore loan from ICICI Bank. The tribunal further noted that statements recorded under Section 50 of the Prevention of Money Laundering Act (PMLA) were admissible and lent credibility to the ED’s charges.

The Central Bureau of Investigation (CBI) had earlier named Chanda Kochhar, Deepak Kochhar, and Videocon chief V N Dhoot among others in an FIR filed in 2019 under charges of criminal conspiracy and provisions of the Prevention of Corruption Act.

The tribunal’s verdict strengthens the ED’s stance and paves the way for continued legal action, including the attachment of properties allegedly acquired using the proceeds of crime.