Chanda Kochhar, former CEO of ICICI Bank, found guilty of bribing Videocon

Former ICICI Bank CEO and Managing Director Chanda Kochhar was found guilty of accepting a Rs 64 crore bribe in return for authorizing a Rs 300 crore loan to the Videocon group.
In an order dated July 3, an appellate tribunal in New Delhi found Kocchar guilty, ruling that the payment was a blatant instance of "quid pro quo" and that it was made through Kochhar's spouse, Deepak, via a business connected to Videocon.

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 "The history given by the appellants (ED) has been narrated and supported by the evidence in the light of the reference of the statements under Section 50 of the PMLA Act which are admissible and can be relied," the tribunal said.

"The allegation made by the appellants stands because on paper ownership of M/s NRPL is shown to be of V N Dhoot but according to him also, the entire control of the company was of Deepak Kohhar. Thus, the allegations were made for quid pro quo to Chanda Kochhar for sanction of loan to Videocon Group of Industries," it further said.

The tribunal also highlighted, "We find substance in the allegation of the appellants for quid pro quo to Chanda Kochhar for sanction of loan of Rs 300 crores to Videocon Group of Industries and thereupon, a sum of Rs 64 crores was transferred to M/s NRPL, a company managed by Deepak Kochhar and, in fact, he was the Managing Director of the said company."

In the 2019 FIR filed under the Indian Penal Code's sections on criminal conspiracy and the Prevention of Corruption Act, the CBI named Chanda Kochhar, Deepak Kochhar, and Dhoot as accused parties, along with Nupower Renewables, which was run by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd., and Videocon Industries Ltd.