Chanda Kochhar Held Guilty in Rs 64-Crore Bribery Case

July 23, 2025 - An Appellate Tribunal in Delhi has found former ICICI Bank CEO Chanda Kochhar guilty of accepting a bribe of Rs 64 crore in exchange for approving a Rs 300 crore loan. In its judgment, the Tribunal said the bribe was routed through a company owned by her husband, calling it a violation of the Prevention of Money Laundering Act (PMLA) and the bank’s internal policies. And that Kochhar misused her position and failed to make the necessary disclosures.

The Tribunal found that a day after ICICI Bank sanctioned a Rs 300 crore loan to Videocon in 2012, Rs 64 crore was transferred from a Videocon subsidiary to NuPower Renewables, a company owned by Kochhar’s husband Deepak.

Documentary evidence and statements recorded under Section 50 of the PMLA clearly revealed the bribe transaction.

The Tribunal observed that Kochhar’s failure to disclose her husband’s business links amounted to a serious conflict of interest. It further noted that she was a member of the very loan sanctioning committee that approved the Videocon loan, and her family had a direct financial interest in the matter. This, the tribunal said, constitutes misuse of office for personal gain.

Earlier, related to this case, the Enforcement Directorate (ED) had earlier seized assets worth Rs 78 crore belonging to the Kochhar couple. However, in November 2020, a Court had ordered the release of those assets.

The Tribunal has now overturned that decision, saying "We do not agree with that order," and that the ED’s action was justified and the earlier Court order ignored critical facts.

Source: Media Reports