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Ex-ICICI Bank CEO Chanda Kochhar Found Guilty in ₹64 Crore Bribery Scandal Involving Videocon Loan

admin / 9 months
0
6 min read

New Delhi, July 22, 2025 – In a landmark ruling, the Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) has found former ICICI Bank CEO and Managing Director Chanda Kochhar guilty of accepting a ₹64 crore bribe in exchange for sanctioning a ₹300 crore loan to the Videocon Group in 2009. The tribunal’s order, dated July 3, 2025, marks a significant development in one of India’s most high-profile corporate fraud cases, overturning a previous clean chit granted to Kochhar by the PMLA Adjudicating Authority in November 2020. The ruling supports the Enforcement Directorate’s (ED) provisional attachment of assets worth ₹78 crore belonging to Kochhar and her associates, framing the transaction as a prima facie case of money laundering.

ECI Directs West Bengal Government to Establish Independent Election Department

admin / 9 months
0
5 min read

Kolkata, July 23, 2025 – In a significant move aimed at ensuring free and fair elections, the Election Commission of India (ECI) has directed the West Bengal government to declare the office of the Chief Electoral Officer (CEO) an independent body, completely delinked from the state’s Home and Hill Affairs Department. The directive, issued ahead of the 2026 West Bengal Assembly elections, emphasizes the need for greater administrative and financial autonomy for the CEO’s office to ensure impartial conduct of elections.

In a letter dated July 22, 2025, sent by ECI Under Secretary Ashutosh M. to West Bengal Chief Secretary Manoj Pant, the ECI highlighted the current limitations faced by the CEO’s office. The letter noted that the CEO, Manoj Kumar Agarwal, who holds the rank of Additional Chief Secretary, operates as a subordinate branch under the Home and Hill Affairs Department, which is led by a Principal Secretary-level officer. Additionally, the CEO’s office functions with limited financial powers, relying on a minor permanent advance from the Finance Department, which restricts its operational independence.

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Ex-ICICI Bank CEO Chanda Kochhar Found Guilty in ₹64 Crore Bribery Scandal Involving Videocon Loan

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