Chanda Kochhar found guilty in Rs 64 cr Videocon bribe case

New Delhi: An appellate tribunal has upheld the findings of the Enforcement Directorate (ED) against Chanda Kochhar, the former head of ICICI Bank, regarding the Videocon loan case.

The tribunal determined that Kochhar was guilty of granting a loan of Rs 300 crore to Videocon in exchange for a bribe of Rs 64 crore, which was routed through a company owned by her husband.

Chanda Kochhar was found to have approved a substantial loan from ICICI Bank to Videocon Group.

In return, a bribe of Rs 64 crore was allegedly transferred to a company belonging to her husband, Deepak Kochhar.

The tribunal ruled that there was a conflict of interest and that Kochhar violated the bank’s internal policies.

The tribunal reversed a prior authority’s decision, agreeing with the ED that their findings were justified.

The decision further emphasises the significance of maintaining transparency and integrity in banking operations.

The ED had previously claimed that the loan approval was connected to financial gains for Kochhar's family.

Investigators alleged policy violations and a lack of disclosure about these connections.