**Chanda Kochhar Found Guilty of ₹64 Crore Bribery in Loan Scandal**
Former ICICI Bank CEO Chanda Kochhar has been convicted for accepting a bribe of ₹64 crore in return for approving a ₹300 crore loan to the Videocon Group, according to a report. An appellate tribunal in New Delhi, in a ruling dated July 3, determined that Kochhar received the bribe through her husband, Deepak Kochhar, and a company associated with Videocon in a “quid-pro-quo” arrangement.
The tribunal noted that the evidence presented by the Enforcement Directorate (ED) was compelling, particularly referencing statements admissible under Section 50 of the Prevention of Money Laundering Act (PMLA). The tribunal supported the ED’s claims, highlighting that Deepak Kochhar was overseeing Videocon Group’s operations at the time, thereby validating the allegations against the couple.
The tribunal stated, “While the ownership of NRPL is attributed to V N Dhoot (CMD of Videocon Group), it is evident that Deepak Kochhar exercised complete control over the company.” This arrangement suggested a quid-pro-quo for Chanda Kochhar in exchange for the loan approval to Videocon.
Additionally, the tribunal criticized Chanda Kochhar for not disclosing potential conflicts of interest. It raised concerns about the ₹64 crore transfer from Videocon Group’s entity SEPL to NRPL, which occurred just a day after the loan was disbursed by ICICI Bank. The approval of the ₹300 crore loan while Chanda Kochhar was part of the decision-making committee was deemed contrary to ICICI Bank’s policies.
The appellate tribunal also condemned a previous ruling from November 2020 that had permitted the release of assets worth ₹78 crore belonging to Chanda Kochhar and her associates. The tribunal remarked, “The adjudicating authority overlooked critical facts while reaching its conclusions, and we cannot support its findings that contradict the record.”
In conclusion, the tribunal affirmed the allegations of quid-pro-quo involving Chanda Kochhar for the sanctioning of the ₹300 crore loan to the Videocon Group, which ultimately led to the transfer of ₹64 crore to NRPL, a company managed by Deepak Kochhar.
**FAQ**
*What was the outcome of the tribunal’s ruling regarding Chanda Kochhar?*
The tribunal found Chanda Kochhar guilty of accepting a bribe of ₹64 crore in exchange for approving a ₹300 crore loan to the Videocon Group, supporting the ED’s allegations of a quid-pro-quo arrangement.