Case details: Former ICICI Bank CEO Chanda Kochhar was found guilty of accepting a bribe of Rs 64 crore by an appellate tribunal in a judgment issued on July 3, 2025. The bribe was taken in return for sanctioning a loan of Rs 300 crore to the Videocon Group, which the tribunal termed as a clear case of ‘something for something’ (quid pro quo). According to a report by The Times of India, the Enforcement Directorate (ED) claimed that Chanda Kochhar sanctioned the loan in violation of the bank’s internal policies and concealed her husband Deepak Kochhar’s business relationship with the Videocon Group, which was a clear violation of the bank’s conflict of interest rules. Bribery story: According to the tribunal, between June 2009 and October 2011, ICICI Bank sanctioned loans totaling Rs 3,250 crore to Videocon group companies, out of which a one-rupee term loan (RTL) of Rs 300 crore was sanctioned to Videocon International Electronics Limited (VIEL) on August 26, 2009. The very next day after the sanction of this loan, Supreme Energy Private Limited (SEPL), a company of Videocon, made 64 crores to Deepak Kochhar's company New Power Renewables Private Limited (NRPL). The documents showed that NRPL was owned by Videocon Chairman Venugopal Dhoot, but the tribunal made it clear that the actual control over the company was with Deepak Kochhar, who was also its Managing Director. The tribunal termed this financial transaction as direct evidence of bribery, as the money was transferred immediately after the loan was sanctioned. Moreover, Chanda Kochhar did not disclose her husband's business relationship with Videocon at the time of sanctioning the loan, which was a serious violation of the bank's code of ethics and conflict of interest rules. The CBI also revealed in its chargesheet that Chanda Kochhar acquired a flat in CCI Chambers in Mumbai's Churchgate area for a mere Rs 11 lakh, which was worth Rs 5.25 crore in 1996. The flat was transferred by a company affiliated with the Videocon Group to Chanda's family trust, whose managing trustee was Deepak Kochhar. Interestingly, Chanda's son bought a flat on the same floor in the same building in 2021 for Rs 19.11 crore. The CBI It was also called a bribe. Tribunal decision: The appellate tribunal set aside the November 2020 decision ordering the release of properties worth Rs 78 crore attached by the ED. The tribunal said that the then authority ignored important evidence and facts and drew wrong conclusions. The tribunal supported the ED’s claims, saying that the attachment of the properties was based on strong documentary evidence and a clear timeline of events. The tribunal added in its decision: “This case is a clear case of abuse of power and violation of ethical norms. The sanction of the loan, the transfer of money, and the movement of funds to Deepak Kochhar’s company indicate a well-thought-out conspiracy.” Social and legal implications: The decision is a deep stain on the career of Chanda Kochhar, who was once considered one of India’s most successful female bankers and was included in Time magazine’s list of 100 influential women in 2015. An ex-post said: “Chanda Kochhar, once a symbol of ICICI Bank’s success, is today facing allegations of bribery and corruption.” "It is a lesson for the Indian banking sector that transparency and accountability are essential." The case not only damaged the reputation of ICICI Bank but also highlighted the problems of corporate governance and regulatory oversight in India's banking sector. Chanda Kochhar had to resign from her post in 2018 after an anonymous watchdog complained, and the bank later justified her removal, which was also upheld by the Supreme Court. Source: Times of India: The Economic Times: New18: X-Posts: