Chanda Kochhar Found Guilty of Bribery in ₹64 Crore Videocon Loan Case: Appellate Tribunal Upholds ED Action

A PMLA appellate tribunal has found former ICICI Bank CEO Chanda Kochhar guilty of receiving a ₹64 crore bribe in exchange for sanctioning a ₹300 crore loan to the Videocon Group. 

The tribunal noted the bribe was routed to her husband Deepak Kochhar’s firm, NuPower Renewables, a day after the loan was disbursed. The appellate tribunal upheld the Enforcement Directorate’s attachment of the Kochhars’ assets and criticised a 2020 adjudicating authority decision to release them. 

The Tribunal held the ED had provided strong documentary evidence and statements recorded under Section 50 PMLA, which were legally admissible.

The tribunal found strong evidence of quid pro quo, misuse of position, and breach of ICICI Bank's rules.