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Time of India
23-07-2025
- 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
23-07-2025
- 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
22-07-2025
- 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".
