Chanda Kochhar, the former ICICI CEO, was found guilty of taking a bribe of 64 crores in the Videocon loan case.

New Delhi, July 22, 2025 – In a landmark judgment delivered on July 3, an appellate tribunal under the SAFEMA Act has ruled that former ICICI Bank CEO and MD Chanda Kochhar accepted a ₹64 crore bribe in exchange for approving a ₹300 crore loan to the Videocon Group

Chanda Kochhar, The former ICICI CEO

Verdict Details
The SAFEMA appellate tribunal concluded that Kochhar, who headed the bank’s loan committee, waived a ₹300 crore credit facility for Videocon in 2009. Immediately after, ₹64 crore was traced to NuPower Renewables Pvt Ltd (NRPL), a firm controlled by her husband, Deepak Kochhar Evidence & Financial Trail


Investigation revealed that the bribe was routed via Supreme Energy Pvt Ltd, linked to Videocon promoter Venugopal Dhoot, and subsequently funneled to NRPL, managed by Deepak. The tribunal noted that declarations under Section 50 of the PMLA Act solidified this quid‑pro‑quo arrangement


Conflict of Interest
The tribunal reprimanded Kochhar for not disclosing her husband's stake in entities tied to Videocon while sanctioning the loan—violating ICICI Bank's internal governance and conflict-of-interest rules Overturning Earlier Relief


The appellate body also overturned a previous PMLA authority's 2020 decision that had allowed the release of ₹78 crore in attached assets. It criticized the earlier ruling for ignoring crucial facts, stating the ED’s asset attachment was justified
🔍 Case Timeline

YearEvent2009 ICICI approved ₹300 cr loan to Videocon; ₹64 cr routed to NRPL
2018 Chanda Kochhar resigns under scrutiny
2019 CBI files FIR; ED attaches assets (~₹78 cr)
2020 Assets briefly released, then re‑attached
Dec 2022 CBI arrests Kochhar and husband
July 3, 2025 SAFEMA appellate tribunal finds Kochhar guilty


🎯 What It Means

This ruling not only holds a former head of one of India's largest private banks legally accountable, but it also sets a powerful precedent for ethical governance in the corporate world. The enforcement agencies, including CBI and ED, had long pursued evidence—this tribunal verdict reinforces their findings

✅ Final Take

Chanda Kochhar's conviction marks a watershed moment for banking reforms and anti-corruption efforts in India. It underscores the critical importance of transparency, diligence, and fiduciary duty—especially at the very top levels of corporate leadership.

Let me know if you'd like an in-depth analysis of the legal implications or comparison with other major financial frauds.