CHENNAI: In a significant development in the ICICI Bank–Videocon loan case, the Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) has found former ICICI Bank CEO Chanda Kochhar guilty of accepting a Rs 64 crore bribe in exchange for sanctioning a ₹300 crore loan to the Videocon Group in 2009.
The tribunal, according to reports, in its order dated July 3, 2025, established that the payment was a clear quid pro quo, linking the disbursement of the loan to benefits received by Kochhar’s husband through his firm, NuPower Renewables Pvt Ltd.
The tribunal overturned a previous order issued by the adjudicating authority under the Prevention of Money Laundering Act (PMLA), which had in November 2020 ordered the release of assets worth Rs 78 crore belonging to Kochhar. The latest ruling described the earlier decision as flawed, stating that it was based on “irrelevant considerations” and had “ignored material facts.”
According to the tribunal’s findings, the ₹64 crore was routed through Supreme Energy Pvt Ltd into NuPower, a company owned and controlled by Deepak Kochhar, Chanda Kochhar’s husband. Though NuPower was initially held in the name of Videocon Group promoter Venugopal Dhoot, the tribunal accepted Dhoot’s recorded PMLA statement that it was Deepak Kochhar who maintained full control over the entity. The fund transfer took place just one day after the Rs 300 crore loan was disbursed to Videocon International Electronics Ltd.
The tribunal also supported the Enforcement Directorate’s view that the ₹64 crore represented proceeds of crime under the PMLA, bolstering the ED’s earlier provisional attachment of the Kochhars’ properties. The order strengthens the agency’s case and underlines the misuse of official position and breach of corporate governance norms at the highest level, the media reports said on Tuesday.
This case dates back to 2009 when ICICI Bank, under Kochhar’s leadership, sanctioned multiple loans to the Videocon Group, totaling approximately Rs 1,875 crore. It wasn’t until 2016 that whistleblower complaints flagged a conflict of interest in the dealings. The Central Bureau of Investigation (CBI) began a preliminary probe in 2018, leading to a formal FIR in January 2019 that named Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot. The CBI charged them with criminal conspiracy, cheating, and misuse of official position.
Chanda Kochhar stepped down as CEO in October 2018 amid growing scrutiny. She and her husband were arrested in December 2022 along with Dhoot. While they have since secured bail, the legal proceedings remain active, and the Supreme Court is monitoring the case.
The SAFEMA tribunal’s ruling marks a significant step in the ongoing legal battle, reinforcing the role of regulatory bodies in addressing complex corporate fraud and setting a precedent for greater accountability in the banking sector. It also underscores serious lapses in internal oversight and conflict of interest policies at ICICI Bank during Kochhar’s tenure.