Former ICICI Bank CEO Chanda Kochhar Convicted in ₹64 Crore Videocon Loan Case

An appellate tribunal under SAFEMA has ruled that former ICICI Bank CEO Chanda Kochhar accepted a bribe of ₹64 crore in exchange for sanctioning a ₹300 crore loan to the Videocon Group in 2009. In a judgment dated July 3, 2025, the tribunal confirmed a direct quid pro quo, linking the loan to benefits received by Kochhar’s husband, Deepak Kochhar, via his company NuPower Renewables Pvt Ltd. This ruling overturns a previous November 2020 decision that had released assets worth ₹78 crore belonging to Chanda Kochhar, declaring that earlier order legally flawed.

Key individuals in this case include Chanda Kochhar, her husband Deepak Kochhar, and Videocon promoter Venugopal Dhoot. The ₹64 crore bribe was routed from Supreme Energy Pvt Ltd to NuPower just one day after Videocon International Electronics Ltd received the ₹300 crore loan. The tribunal supported the Enforcement Directorate's position that the ₹64 crore constituted proceeds of crime under the Prevention of Money Laundering Act (PMLA), thereby upholding the ED's provisional attachment of the Kochhars’ assets.