Chanda Kochhar found guilty of accepting ₹64 crore bribe
Chanda Kochhar, former CEO and Managing Director of ICICI Bank, has been found guilty in a case involving the acceptance of a ₹64 crore bribe linked to loans sanctioned to the Videocon Group. The case centers on allegations that during her tenure, ICICI Bank sanctioned loans to Videocon in exchange for financial benefits routed to companies owned by her husband, Deepak Kochhar.
The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) investigated the matter, revealing that a loan of ₹3,250 crore was sanctioned to the Videocon Group, which later became a non-performing asset (NPA), causing significant losses to ICICI Bank. In exchange, Videocon allegedly invested ₹64 crore into NuPower Renewables, a company owned by Deepak Kochhar, indicating a quid pro quo arrangement.
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Allegations against Chanda Kochhar
The ₹64 crore bribery allegations against Chanda Kochhar arose from loans sanctioned by ICICI Bank to the Videocon Group during her tenure as CEO and MD. ICICI Bank approved a ₹3,250 crore loan to Videocon, which later turned into a non-performing asset.
In return for these loans, Videocon allegedly transferred ₹64 crore to NuPower Renewables, a company owned by Chanda Kochhar’s husband, Deepak Kochhar, indicating a quid pro quo arrangement.
This transaction was seen as a bribe disguised as an investment to benefit the Kochhar family, while Chanda Kochhar failed to disclose her personal interest and conflict while participating in the loan approval process.
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Background
The CBI registered an FIR in January 2019 against Chanda Kochhar, Deepak Kochhar (her husband), Videocon Group chairman Venugopal Dhoot, and others, alleging quid pro quo in loan sanctions. It was found that ICICI Bank sanctioned loans worth ₹3,250 crore to Videocon between 2009 and 2011, which later turned into NPAs.
In return, Videocon allegedly transferred ₹64 crore to NuPower Renewables, a company owned by Deepak Kochhar, shortly after the loan was disbursed, indicating a bribery arrangement.
The ED conducted searches at multiple locations, froze assets linked to the Kochhar family, and attached properties under the Prevention of Money Laundering Act (PMLA). Internal ICICI Bank probes found that Chanda Kochhar had violated the bank’s code of conduct by failing to disclose her personal interest.
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Court Proceedings:
- In 2023-2024, the special CBI court took cognizance of the chargesheet filed against Chanda Kochhar, Deepak Kochhar, Venugopal Dhoot, and others.
- Chanda Kochhar was formally charged under the Prevention of Corruption Act and the Indian Penal Code for criminal conspiracy, cheating, and corruption.
- The court noted sufficient evidence indicating misuse of official position, non-disclosure of conflict of interest, and acceptance of illegal gratification through layered transactions.
- In July 2025, the court found Chanda Kochhar guilty, holding that she actively participated in sanctioning the loans while ensuring her family received financial benefits.
