Tribunal Confirms Bribery in ₹300 Crore Videocon Loan

In a major development in India’s corporate corruption investigations, an appellate tribunal has ruled that Chanda Kochhar, former CEO and Managing Director of ICICI Bank, received a bribe of ₹64 crore in exchange for approving a ₹300 crore loan to Videocon International Electronics Limited (VIEL) in 2009. The verdict, delivered on 3 July 2025, affirms the allegations that the loan was part of a quid pro quo arrangement benefiting Kochhar and her family.

Bribe Routed Through Husband’s Firm: Tribunal Notes Money Trail

The tribunal observed that the funds were routed via NuPower Renewables Pvt Ltd (NRPL), a company controlled by Deepak Kochhar, Chanda Kochhar’s husband. On 26 August 2009, ICICI Bank sanctioned the ₹300 crore loan, and by 7 September, the funds were disbursed. The very next day, ₹64 crore was transferred from Supreme Energy Pvt Ltd (SEPL)—a Videocon-linked firm—to NRPL.

Though NRPL was shown as owned by Videocon Chairman Venugopal Dhoot, the tribunal ruled that Deepak Kochhar had effective control over the company, and thus the transfer amounted to bribery. The tribunal relied heavily on Section 50 of the Prevention of Money Laundering Act (PMLA) to support this conclusion.

Conflict of Interest and Failure to Disclose Ties

The Enforcement Directorate (ED) submitted that Chanda Kochhar failed to disclose her husband’s financial dealings with Videocon, thereby violating ICICI Bank’s conflict of interest policies. The tribunal accepted this charge and underscored that Kochhar, being a member of the Sanctioning Committee, should have recused herself.

2020 Order to Release Attached Assets Quashed

In a significant reversal, the tribunal struck down a 2020 adjudicating authority order that had released properties worth ₹78 crore, which were previously attached by the ED. The tribunal noted that the earlier authority had ignored crucial evidence, failed to assess material facts objectively, and issued a conclusion contrary to the record.

As per the tribunal, the ED’s asset attachment was backed by solid documentary proof and a traceable money trail, thereby justifying the seizure under PMLA provisions.

Extension of Larger CBI Probe in ₹3,250 Crore Scam

This tribunal ruling feeds into the broader Central Bureau of Investigation (CBI) case launched in 2019, which implicated Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot in a ₹3,250 crore loan scam. The current verdict, focusing on the ₹300 crore loan, reveals a pattern of financial misconduct and abuse of position by Kochhar to benefit Videocon in return for personal financial gain.

Implications for Corporate Governance

The tribunal’s findings mark a significant moment in Indian banking history, reinforcing the accountability of top executives in financial institutions. The case has become a symbol of high-level corporate corruption, setting a precedent for stricter scrutiny and regulatory oversight in the banking and finance sector.

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