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.

Case Background

The ICICI Bank-Videocon loan scandal centers on allegations that Chanda Kochhar, during her tenure as CEO and MD of ICICI Bank from 2009 to 2018, abused her position to facilitate loans totaling ₹3,250 crore to Videocon Group companies, promoted by industrialist Venugopal Dhoot. The Central Bureau of Investigation (CBI) and the ED have been investigating the case since 2018, following whistleblower complaints that flagged a conflict of interest in the loan approvals. The CBI alleges that these loans violated the Banking Regulation Act, Reserve Bank of India (RBI) guidelines, and ICICI Bank’s internal credit policies.

A pivotal transaction in the case involves a ₹300 crore loan sanctioned to Videocon International Electronics Ltd (VIEL) on August 26, 2009. Just one day after the loan was disbursed on September 7, 2009, ₹64 crore was transferred from Videocon’s subsidiary, Supreme Energy Pvt Ltd (SEPL), to NuPower Renewables Pvt Ltd (NRPL), a company controlled by Chanda Kochhar’s husband, Deepak Kochhar. The tribunal has described this as a “clear case of quid pro quo,” highlighting a direct financial trail linking the loan approval to personal benefits for Kochhar’s family.

Tribunal’s Findings

The Appellate Tribunal’s ruling emphasized several critical points:

1. Conflict of Interest: Chanda Kochhar, as a member of ICICI Bank’s loan sanctioning committee, failed to disclose her husband’s business connections with the Videocon Group, violating the bank’s conflict of interest policies. The tribunal rejected Kochhar’s claim that she was unaware of her husband’s dealings, deeming it implausible for a senior executive of her stature.
2. Quid Pro Quo Arrangement: The tribunal found that the ₹64 crore transferred to NRPL was not a legitimate business transaction but a bribe routed through SEPL, a Videocon-linked entity, to NRPL, which was effectively controlled by Deepak Kochhar. Although NRPL was initially shown to be owned by Videocon chairman Venugopal Dhoot, Dhoot’s statement under Section 50 of the Prevention of Money Laundering Act (PMLA) confirmed that Deepak Kochhar held actual control and was the managing director of NRPL.
3. Evidence and Money Trail: The tribunal upheld the admissibility of statements recorded under Section 50 of the PMLA, which provided strong documentary evidence and a clear timeline of events. The transfer of ₹64 crore occurred just one day after the loan disbursement, reinforcing the allegation of bribery. The tribunal noted that this financial trail constituted “proceeds of crime” under the PMLA.
4. Reversal of 2020 Ruling: In November 2020, the PMLA Adjudicating Authority had ordered the release of ₹78 crore worth of attached assets belonging to the Kochhars, including their Mumbai residence. The Appellate Tribunal criticized this decision, stating that the adjudicating authority “ignored crucial material facts and drew conclusions that contradict the record.” The tribunal reinstated the ED’s asset attachment, validating the agency’s claims of money laundering and financial impropriety.

Additional Allegations

Beyond the ₹300 crore loan, the CBI has alleged that ICICI Bank, under Kochhar’s leadership, sanctioned a total of ₹1,875 crore in loans to Videocon Group companies between June 2009 and October 2011. These loans were later declared non-performing assets (NPAs) in 2012, resulting in a loss of ₹1,730 crore for the bank. The CBI’s 11,000-page chargesheet, filed in March 2023, named Chanda Kochhar, Deepak Kochhar, Venugopal Dhoot, and others, accusing them of criminal conspiracy, cheating, and corruption under the Indian Penal Code and the Prevention of Corruption Act.

The CBI also highlighted a separate transaction involving a flat in Mumbai’s CCI Chambers, Churchgate. In 2016, a trust linked to the Kochhars acquired the flat from a Videocon affiliate for just ₹11 lakh, despite its market value being ₹5.3 crore at the time. The agency argued that this undervalued transfer was part of the illicit gratification received by the Kochhars.

Legal Proceedings and Arrests

The case has seen significant legal developments over the years:

• 2016: Whistleblower complaints first raised concerns about conflicts of interest in ICICI Bank’s dealings with Videocon.
• March 2018: The CBI initiated a preliminary probe into the allegations.
• January 2019: The CBI filed a formal FIR against Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot, alleging criminal conspiracy and corruption. The ED also launched a money laundering probe.
• September 2020: Deepak Kochhar was arrested by the ED and later released on bail.
• December 2022: Both Chanda and Deepak Kochhar, along with Venugopal Dhoot, were arrested by the CBI.
• January 2023: The Bombay High Court granted interim bail to the Kochhars, and in February 2024, it declared their arrests “unlawful” and an “abuse of power.”
• July 2025: The SAFEMA Appellate Tribunal’s ruling marked a major setback for the Kochhars, reinstating the ED’s asset attachment and finding Chanda Kochhar guilty of bribery.

The Supreme Court is currently monitoring the case, having issued a notice to the Kochhars in September 2024 regarding the CBI’s plea challenging the Bombay High Court’s bail ruling.

Broader Implications

The tribunal’s ruling has sent shockwaves through India’s corporate and banking sectors, spotlighting issues of corporate governance, ethical lapses, and crony capitalism. Chanda Kochhar, once celebrated as a trailblazer for women in Indian banking, now faces a tarnished legacy. The case underscores the need for stronger regulatory oversight and transparency in the banking industry to prevent misuse of power and conflicts of interest.

The ED’s case has been bolstered by the tribunal’s findings, and legal experts suggest that the ruling could pave the way for accelerated criminal proceedings, potentially leading to a fresh chargesheet and stricter enforcement measures. While the final determination rests with the Trial Court, the tribunal’s order strengthens the prosecution’s case against the Kochhars and sets a precedent for accountability in high-profile corporate fraud cases.

Public and Industry Reaction

Posts on X reflect public sentiment, with some users expressing shock that such scandals occur in private-sector banks, often perceived as better managed than public-sector banks. Others have criticized the initial clean chit given to Kochhar, questioning the integrity of earlier investigations. The case has reignited discussions about the need for systemic reforms to address ethical violations in corporate India.

As the legal battle continues, the ICICI Bank-Videocon scandal remains a cautionary tale of how unchecked power and lack of transparency can undermine trust in one of India’s most critical financial institutions.

Disclaimer: This article is based on information available from various sources, including news reports and official statements. The case is ongoing, and final judgments are subject to the Trial Court’s decisions.