An appellate tribunal has determined that former ICICI Bank CEO Chanda Kochhar received a ₹64 crore kickback, channeled through her husband’s firm in exchange for sanctioning a ₹300 crore loan to the Videocon Group.
In its July 3 ruling, the appellate court declared the ₹64 crore payment channeled through Deepak Kochhar’s firm, an unmistakable quid‑pro‑quo for approving the ₹300 crore Videocon loan.”
“In its July 3 ruling, the tribunal deemed the Section 50 statements admissible and corroborated by evidence, affirming the appellants’ account.”
The appellate tribunal upheld the Enforcement Directorate’s (ED) case, ruling that Chanda Kochhar failed to disclose her conflict of interest and sanctioned the ₹300 crore loan to Videocon in violation of ICICI Bank’s internal policies.
This decision underscores the tribunal’s commitment to upholding the integrity of financial institutions and ensuring accountability in cases of alleged corruption and money laundering.
“The tribunal found that the ₹64 crore payment was channelled from Videocon’s entity SEPL to NuPower Renewables Pvt Ltd (NRPL), a company effectively controlled by Deepak Kochhar, just one day after the ₹300 crore loan, leading to significant scrutiny over financial governance in India’s banking sector.
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The appellate tribunal has reversed its 2020 ruling and upheld the ED attachment of ₹78 cr worth of assets in the Kochhar case.
The tribunal dismissed Kochhar’s claim of ignorance, stating she could not plead unawareness given her active role in the loan approval process.
