Latest news with #ChandaKochhar
Time of India
a day ago
- Business
- Time of India
‘Work hard. Don't take shortcuts': Chanda Kochhar's letter to daughter about honesty goes viral as she gets convicted in ₹64 crore bribery case
Chanda Kochhar, former ICICI Bank CEO, has been found guilty of accepting a ₹64 crore bribe in exchange for sanctioning a ₹300 crore loan to Videocon Group in 2009. The PMLA Appellate Tribunal overturned an earlier clean chit and upheld the ED's asset attachments, ruling that the money was 'proceeds of crime'. The case hinges on a 2009 loan from ICICI Bank to Videocon, followed by a ₹64 crore transfer from a Videocon-linked firm to NuPower Renewables , a company run by Kochhar's husband, Deepak Kochhar . Explore courses from Top Institutes in Please select course: Select a Course Category PGDM Finance Data Science Digital Marketing Technology CXO MCA Operations Management Management MBA Healthcare others Design Thinking Data Science Degree Project Management Public Policy Artificial Intelligence Product Management healthcare Others Data Analytics Leadership Cybersecurity Skills you'll gain: Financial Analysis & Decision Making Quantitative & Analytical Skills Organizational Management & Leadership Innovation & Entrepreneurship Duration: 24 Months IMI Delhi Post Graduate Diploma in Management (Online) Starts on Sep 1, 2024 Get Details The tribunal called it a clear quid pro quo. It also flagged Kochhar's failure to disclose her conflict of interest while being on the loan-sanctioning committee. Assets under ED attachment include a flat transferred for ₹11 lakh to a trust linked to Deepak Kochhar, despite being purchased earlier by a Videocon-related firm for ₹3.25 crore. The tribunal said earlier authorities ignored key facts, calling their order 'perverse'. Live Events The ED's case, along with a CBI FIR for conspiracy and cheating, is now set to proceed in trial court. The Supreme Court has also issued notices on the Kochhars' bail. A letter Kochhar wrote in 2016 to her daughter, encouraging honesty and fair play, has resurfaced, now seen in sharp contrast to the tribunal's findings. Chanda Kochhar's letter from 2016 resurfaces In the middle of all this, a letter Chanda Kochhar wrote to her daughter Aarti back in 2016, as published by NDTV has gone viral again. It paints a picture of values and resilience, one that now reads very differently, given the circumstances. Here's the full text: Dear Aarti, As I sat in the plane from London to Mumbai, I realised that you will be graduating from your management school in a few days. And that you will be coming back to India to pursue your career and build your life. I want to share with you some lessons that I have learnt in life, and I hope that these will help you as you embark on your own beautiful journey. 1. When you grow up, become financially independent. You must be able to take your own calls, and the only way to do that is to be financially independent. 2. Do not let your gender define you. I grew up in a time when career options for women were considered limited. I chose to study management because my mother encouraged me. She told me I could pursue whatever career I wanted. So I did. 3. Don't take shortcuts. Never lose sight of what is right. Because whatever you do, wherever you go, your values will eventually catch up with you. 4. Be kind. No matter what. People may not always be nice to you. But you have a choice to rise above that and be kind in return. It leaves you lighter. Happier. 5. Work hard. You will never regret working hard. Yes, you may get tired. But you will never feel bitter or resentful. 6. Find balance. There is no formula for it. You will need to create your own equation between work, relationships and yourself. But remember that balance is not a luxury. It is a necessity. 7. Remember that happiness is a journey, not a destination. Don't postpone your happiness. Live in the moment. Take time to appreciate the little joys of life. As you start this new chapter of your life, I want you to know that you are never alone. I will always be there for you. Love always, Mumma What was the alleged deal: Loan first, kickback next day In August 2009, ICICI Bank sanctioned a ₹300 crore loan to Videocon International. The very next day, ₹64 crore was transferred from Supreme Energy, a Videocon-linked firm, to NuPower Renewables — run by Kochhar's husband, Deepak. That timing is what raised red flags. The ED and CBI flagged it as a kickback disguised as investment. The tribunal agreed. Kochhar sat on the bank's credit committee that cleared the loan, never disclosed her husband's ties to the borrower, and flagged the proposal as 'urgent'. All of it breached ICICI's own policies. The tribunal called this concealment deliberate and criminal. South Mumbai flat for ₹11 lakh? In 2016, a flat in Mumbai's CCI Chambers — originally bought by a Videocon firm for ₹3.25 crore — was transferred to a Kochhar family trust for just ₹11 lakh. The tribunal called it 'proceeds of crime', not a property deal. Deepak Kochhar's ownership web The Kochhars had claimed that NuPower had changed ownership. But the tribunal found that Deepak Kochhar remained in control the entire time, indirectly holding over 95% of it through layered firms. Statements from Videocon's Venugopal Dhoot backed that finding. Timeline of events 2009: Loan sanctioned. ₹64 crore transferred next day. 2016–18: Whistleblower complaints. Media reports. CBI probe begins. 2019: FIR filed against the Kochhars and Dhoot. 2022: All three arrested, then released on interim bail. 2025: Tribunal rules Kochhar guilty. The 2020 ruling had dismissed the ED's attachment of Kochhar assets. The tribunal now calls that decision 'perverse' and factually wrong. Key evidence like Dhoot's testimony and transaction timing had been ignored. The case will proceed to trial. Meanwhile, the Supreme Court has issued notices to the Kochhars in response to the CBI's petition to cancel their bail. With this ruling, the legal tide has turned.
News18
2 days ago
- Business
- News18
Chanda Kochhar-Videocon Scam: Inside The Rs 3,250 Cr Loan And Rs 64 Cr Bribery
Last Updated: Appellate Tribunal has found Chanda Kochhar guilty of accepting a Rs 64 cr bribe for sanctioning a Rs 300 cr loan to Videocon; Here's what happened Chanda Kochhar-Videocon Case: The ICICI Bank–Videocon loan fraud case took a decisive turn in July 2025 after the PMLA Appellate Tribunal held Chanda Kochhar, former MD and CEO of ICICI Bank, guilty of accepting a Rs 64 crore bribe in exchange for approving a Rs 300 crore loan to the Videocon Group. The ruling upheld charges filed by the Enforcement Directorate (ED), calling it a 'clear case of quid pro quo." The case traces back to allegations by the Central Bureau of Investigation (CBI) that ICICI Bank, under Kochhar's leadership, sanctioned loans totalling Rs 3,250 crore to Videocon Group firms promoted by Venugopal Dhoot. These sanctions allegedly violated the Banking Regulation Act, RBI norms, and ICICI's own internal credit policies. Among the disbursals, a pivotal transaction took place in September 2009 when ICICI Bank sanctioned Rs 300 crore to Videocon International Electronics Ltd (VIEL), a group subsidiary. Just one day later, Rs 64 crore was transferred from Supreme Energy Pvt Ltd (a Videocon-linked firm) to NuPower Renewables Pvt Ltd, a company effectively controlled by Chanda Kochhar's husband, Deepak Kochhar. The case spotlighted deeper issues of conflict of interest and corporate governance lapses, as Chanda Kochhar failed to disclose her husband's links to Videocon during her participation in loan sanctioning decisions. Early Red Flags & Chanda Kochhar's Exit Red flags were raised as early as 2016 by whistleblowers and media reports, which pointed to potential conflicts of interest in the ICICI-Videocon dealings. Following mounting scrutiny, the CBI launched a preliminary probe in March 2018. Kochhar resigned from her post in October 2018, citing personal reasons, but her exit coincided with growing internal and regulatory investigations. These probes sought to determine if she had breached ICICI Bank's code of conduct by concealing personal financial links that could influence lending decisions. FIR, ED Probe, and Asset Attachments The case intensified in January 2019 when the CBI filed a formal FIR against Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot, alleging criminal conspiracy, cheating, and misuse of official position under the IPC and the Prevention of Corruption Act. The Enforcement Directorate followed suit with a money laundering probe and provisionally attached Rs 78 crore worth of assets belonging to the Kochhars. However, in November 2020, the PMLA Adjudicating Authority ordered the release of these assets, stating the ED had not established a direct link between the funds and criminal activity at that point. In December 2022, the CBI arrested Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot, claiming to have conclusive evidence linking them to the illicit transactions. A month later, the Bombay High Court granted interim bail to the Kochhars, slamming the arrests as 'arbitrary" and lacking procedural rigour. The court criticised the CBI for making routine arrests 'without application of mind." The case regained national attention in September 2024 when the Supreme Court issued notices to Chanda and Deepak Kochhar in response to a CBI plea. The CBI challenged the interim bail, arguing that the Kochhars' release could hinder ongoing investigations. The ED, too, reiterated its stance before the Appellate Tribunal, emphasising the structured nature of the fund transfers and Kochhar's conflict of interest. July 2025 Tribunal Verdict: Bribery and Ethics Violation Confirmed On July 3, 2025, the PMLA Appellate Tribunal overturned the 2020 ruling and ruled in favour of the ED. The tribunal concluded that Chanda Kochhar was guilty of accepting a Rs 64 crore bribe in return for approving the Rs 300 crore loan to Videocon. It rejected claims that the payment to NuPower was a legitimate business transaction and called it a bribe, routed through Supreme Energy and NuPower, which was controlled by Deepak Kochhar. The tribunal emphasised that Chanda Kochhar, as a member of ICICI's credit committee, had a fiduciary duty to disclose any conflict of interest—something she failed to do. Citing evidence recorded under Section 50 of the PMLA Act, the tribunal also ruled that the earlier adjudicating authority had overlooked material facts and erred in releasing the attached assets. tags : chanda kochhar case view comments Location : New Delhi, India, India First Published: July 23, 2025, 08:30 IST News business » banking-finance Chanda Kochhar-Videocon Scam: Inside The Rs 3,250 Cr Loan And Rs 64 Cr Bribery Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
2 days ago
- Business
- Time of India
ICICI-Videocon loan probe: PMLA appellate body upholds ED's property seizure in case against Chanda Kochhar
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Appellate Tribunal under the Prevention of Money Laundering Act has allowed the seizure of properties in a case involving former ICICI Bank chief executive Chanda Kochhar , her husband Deepak Kochhar and Videocon Group promoter Venugopal Dhoot , overturning a ruling of the Adjudicating Authority to release its order on an appeal filed by the Enforcement Directorate that had attached the properties, the tribunal held that the Adjudicating Authority "ignored crucial evidence" and based its ruling on "irrelevant considerations", particularly on the role of Deepak Kochhar in managing NuPower Renewables (NRPL) and a Rs 64 crore loan that the company received from Videocon-linked to the investigating agencies - ED and the CBI - this ₹ 64 crore was a quid pro quid for helping the Videocon Group get a loan from ICICI Bank where Deepak Kochhar's wife was a top executive. The Kochhars and Dhoot have denied the tribunal said the Adjudicating Authority placed undue emphasis on the shareholding structure of NRPL while overlooking material facts, including the control exercised by Deepak Kochhar as its managing director. On paper, the transfer of funds to NRPL may have been shown as from one Videocon Group company to another, "but if the veil is lifted, the affairs were under control of Deepak Kochhar", the tribunal said in its order pronounced tribunal ruled that the property transactions, including the transfer of a flat at CCI Chambers in South Mumbai were "nothing but proceeds of crime ". It noted that the flat purchased by a Videocon-linked entity for ₹3.25 crore was transferred to a family trust associated with Deepak Kochhar for just ₹11 rejected the defence's claim that the sanctioning of the loan to the Videocon Group was a collective decision at ICICI Bank, saying that Chanda Kochhar's active role, lack of disclosure and urgency in approving the loan raised serious concerns. It said as per rules, Chanda Kochhar should not have attended the meeting of a committee that cleared the loan, but she not only participated but also sanctioned the loan under the urgent category."This is taken to be nothing but commission of crime which includes even the offence under Section 420 IPC (cheating and dishonestly inducing delivery of property)," the order upheld the Adjudicating Authority's decision declining to confirm the attachment of ₹ 10.5 lakh seized during a raid on a Kochhar-linked company but confirmed the provisional attachment of all other that it did not find any illegality in the attachment, the tribunal said it "rather find perverse finding in the hands of the Adjudicating Authority on all the issues relevant to the case".
Economic Times
2 days ago
- Business
- Economic Times
Two Sharp with ET: Goyal becomes billionaire on Blinkit boost; Court finds Kochhar guilty
Deepinder Goyal became a billionaire overnight as Eternal's quick commerce arm, Blinkit, drove a record rally, adding ₹2,000 crore to his net worth. But while one star rose, another fell: Chanda Kochhar, India's former banking queen, was found guilty of bribery, in a sharp turn of fortune over a big week. All of this in today's Two Sharp with ET with Nisha Poddar Show more Show less
Indian Express
2 days ago
- Business
- Indian Express
Rs 64-crore bribe, Churchgate flat ownership: Tribunal upholds ED's money laundering charge against Kochhars
An appellate tribunal has upheld a 2020 Enforcement Directorate (ED) order against former ICICI Bank CEO and MD Chanda Kochhar and her husband for giving loan to the Videocon group, observing a 'prima facie' case of money laundering that involved a flat in Mumbai's Churchgate and a Rs 64 crore bribe, which was used to acquire wind power farms. In its July 3 order, the tribunal said it found 'substance' in the ED's allegation of a quid pro quo arrangement linked to a Rs 300 crore loan sanctioned by ICICI Bank to Videocon Group of Companies in August 2009, just three months after Kochhar became its chief executive. The Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 (SAFEMA) also said that both the transactions involving the property and the Rs 64 crore bribe amounted to 'proceeds of crime' and hence, ordered the attachment of the property, going against the earlier ruling of the Adjudicating Authority. Back in 2020, the ED had provisionally attached Flat No. 45 at CCI Chambers in Churchgate, the wind assets, and Rs 10.5 lakh in cash under the Prevention of Money Laundering Act (PMLA). However, the Adjudicating Authority had refused to confirm the attachment in November that year, prompting the ED's appeal to the tribunal – which has now ruled in its favour. The Rs 300 crore loan was sanctioned by ICICI Bank to Videocon International Electronics Ltd (VIEL), part of the Videocon Group. The loan was disbursed on September 8, 2009, and on the following day, VIEL transferred an amount of Rs 64 crore to NuPower Renewables Pvt Ltd (NRPL), a firm linked to Deepak Kochhar, Chanda Kochhar's husband. 'The amount of Rs.64 crores came to M/s NRPL was used for the benefit of Mr. Deepak Kochhar… (It) was utilized towards purchase of Wind Farm projects of 33.15 MW capacity while Mr. Deepak Kochhar was the Managing Director of the Company,' the appellate authority said in its order. The tribunal rejected Chanda Kochhar's claim that the loan to Videocon was sanctioned by a committee, not her, and thus she had no link to the Rs 64 crore transfer from the group to a company managed by her husband. While the Kochhars have argued that the Churchgate flat has belonged to them since 1995, the appellate tribunal order said 'facts on record gives a different picture'. While Deepak Kochhar and his brother initially purchased the flat, it was handed over to a Videocon Group entity in April 2009 to settle a loan, as it had been mortgaged. In 2016, the flat was transferred to a family trust of Deepak Kochhar for a consideration of Rs 11 lakh, it said. 'When the value of the Flat was Rs 5.25 Crores in the year 1995, the appreciated value must be many times in the year 2016. The Videocon Group of Industries alleged to have passed on benefit to the respondents and since the respondents have failed to justify the transaction at the meagre amount, the appellants have rightly taken it to be nothing but the proceeds of crime and accordingly attached the property,' the July 3 order said. The order also noted that the Kochhars had been associated with Videocon Group's promoter V N Dhoot since 1994-95. It also highlights Dhoot's links with multiple entities under the scanner, including NRPL, which he incorporated with Deepak Kochhar in 2008. 'It may be true that the issue will be determined by the Trial Court but we find a prima facie case against the respondents for commission of the offence of money laundering and, therefore, the Provisional Attachment Order is justified,' the July 3 order said. The ICICI Bank and Chanda Kochhar came under regulatory scrutiny after The Indian Express first reported on March 29, 2018 that Videocon Group promoter Venugopal Dhoot provided crores of rupees to a firm he had set up with her spouse, Deepak Kochhar, and two relatives, six months after the Videocon Group got Rs 3,250 crore as loan from ICICI Bank in 2012. In December 2017, the CBI had registered a preliminary enquiry into the sanctioning of the loan. In January 2019, the CBI booked the Kochhars, Dhoot and others, and said Chanda Kochhar had 'dishonestly' granted loans to the tune of hundreds of crores of rupees to the Videocon Group 'in contravention of rules and policy… by abusing her official position'. The ED had then registered a case based on the January 2019 CBI FIR. Aggam Walia is a Correspondent at The Indian Express, reporting on power, renewables, and mining. His work unpacks intricate ties between corporations, government, and policy, often relying on documents sourced via the RTI Act. Off the beat, he enjoys running through Delhi's parks and forests, walking to places, and cooking pasta. ... Read More
