
ICICI Bank's ex-CEO Chanda Kochhar held guilty of receiving Rs 64 crore bribe in Videocon loan case
In its order on July 3, the tribunal also upheld the Enforcement Directorate's attachment of properties in the matter, according to CNBC-TV18.
Chanda Kochhar had resigned from her post in October 2018 after questions were raised about a Rs 3,250-crore loan that the ICICI Bank had given the Videocon Group in 2012.
In January 2020, the Enforcement Directorate attached assets worth Rs 78 crore belonging to her and her husband, Deepak Kochhar. The action was reversed by the PMLA Adjudicating Authority in November 2020.
On July 3, the tribunal said that the day after the disbursement of the Rs 300 crore loan, Rs 64 crore was transferred by Videocon promoter VN Dhoot to NuPower Renewables, a company managed by Deepak Kochhar through Supreme Energy Private, reported CNBC-TV18.
It added that the allegations made by the Enforcement Directorate stand 'because on paper ownership of M/s NRPL [NuPower Renewables] is shown to be of VN Dhoot but according to him also, the entire control of the company was of Deepak Kochhar'.
During the proceedings, the Enforcement Directorate told the tribunal that Chanda Kochhar had failed to disclose a conflict of interest, CNBC reported. Accepting the central agency's submission, the tribunal said that the attached properties were proceeds of crime.
The order overturned an earlier clean chit that Chanda Kochhar received from a PMLA Adjudicating Authority.
In September 2020, Deepak Kochhar was arrested by the Enforcement Directorate and later released on bail.
In December 2022, the Central Bureau of Investigation had arrested the Kochhars, alleging that ICICI Bank, under the leadership of Chanda Kochhar, sanctioned a Rs 3,250-crore loan to companies owned by the Videocon Group in violation of the Banking Regulation Act, the Reserve Bank of India rules and the credit policies of the private sector bank.
In January 2023, the Bombay High Court ordered their release, saying that their arrests were not in accordance with the law. In February 2024, the High Court said that their arrest amounted to an abuse of power.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)

Business Standard
10 minutes ago
- Business Standard
Tata group invested Rs 1 trn in 5 years, 'ready for future': Chandrasekaran
Group firms undertook capex and investments of over Rs 4.5 trn, says chairman of conglomerate premium Listen to This Article The Tata group has in five years invested Rs 1 trillion in its companies and it is 'fit and ready for the future', Tata Sons Chairman N Chandrasekaran has said, listing semiconductors and digital services among core areas for growth. A multi-year strategy for financial and strategic discipline has put the group in a position of strength as it eyes growth in technology, manufacturing and consumer businesses, he said in the conglomerate's annual report for FY25. Tata Sons is the unlisted holding company of the salt-to-software group. The group's aggregate revenue has increased 1.9 times in five years; net profit


India.com
10 minutes ago
- India.com
This man rejected Rs 104000000000 salary, plus bonus due to.., the offer was given by Mark Zuckerberg for...
This man rejected Rs 104000000000 salary, plus bonus due to..., the offer was given by Mark Zuckerberg for... Daniel Francis is currently making headlines all over for rejecting a whopping job offer of Rs 10,400 crore. Billionaire Mark Zuckerberg's company Meta offered Francis a salary package of Rs 10,400 crore for four years with an additional bonus, but he turned it down. He took to social media platforms and shared the information about turning down the job offer. Daniel Francis is not an ordinary tech expert; he is an Artificial Intelligence expert and founder of Abel Company. As the news of Daniel's rejection goes viral on social media platforms, people are raising questions why Meta was offering such a huge amount to him. Let's know more about it. What Daniel Francis Wrote On Social Media? After rejecting the Meta offer, Daniel took to his social media platforms and wrote, 'Friends! I was offered a salary of 10,400 crores for four years. I have also seen this new height for the first time. What is going on?' Then in another tweet he wrote, 'I want to tell you that I have turned down that job offer.' The post immediately went viral on the internet, with netizens asking him the reason for his rejection. Daniel Has Unique AI Technology As per reports, Meta wanted to acquire the AI algorithm created by Francis and his expertise in it. Facebook's parent company didn't want the AI algorithm to fall into its rival company's hands. Notably, Danial's algorithm is capable of generating a police report from body cam footage and sends all data. He first made headlines two years back in 2023 when he expressed his displeasure in front of the world's richest man and tech genius Elon Musk. Why Meta Is Recruiting Top Technical Staff With Ai Background? Last month, OpenAI CEO Sam Altman stated that Meta has planned to spend USD 100 million to hire top AI experts. But despite a huge offer, they have not been able to join Zuckerberg's company. Meta's big plan is to buy all the smart minds and innovations in the technical field and create a 'superintelligence lab'. And to fulfil its plan, the company is offering hefty packages to AI experts.

Deccan Herald
10 minutes ago
- Deccan Herald
Gold falls Rs 500 to Rs 99,120/10 g; silver trades flat
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had finished at Rs 99,620 per 10 grams on Thursday.