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Time of India
7 hours 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.
Time of India
17 hours 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".
Indian Express
a day ago
- Business
- Indian Express
‘Prima facie' case of money laundering in Chanda Kochhar-Videocon case; ED order upheld
An appellate tribunal has said there was a 'prima facie' case of money laundering against former ICICI Bank CEO and MD Chanda Kochhar and her husband in a corruption case involving the Videocon Group, as it upheld a 2020 ED order attaching a Mumbai flat of the couple worth crores of rupees. The tribunal, in an order issued on July 3, said it finds 'substance' in the 'quid pro quo' allegation made by the Enforcement Directorate against Chanda Kochhar for sanction of a loan of Rs 300 crore to Videocon International Electronics Ltd (VIEL), as post this disbursal, a sum of Rs 64 crore was transferred by the Videocon Group to NRPL, a company of her husband Deepak Kochhar. The said loan was approved by a sanctioning committee of the ICICI Bank between June 2009 and October 2011, and Chanda Kochhar was a member of this panel, apart from being the MD and CEO of the private lending company. The ED case, based on a CBI FIR, claimed that Chanda Kochhar hatched a 'criminal conspiracy' to cheat ICICI Bank by 'abusing' her official position while sanctioning this amount. Chanda Kochhar, as per the probe agencies, got illegal gratification/undue benefit through her husband from VIL or Videocon Group promoter V N Dhoot. The ED had in January 2020 provisionally attached Kochhar's flat no 45, located in CCI Chambers at Churchgate in Mumbai, a property of NRPL, apart from Rs 10.5 lakh in cash, seized by the agency during searches on another company of Deepak Kochhar. The Adjudicating Authority of the Prevention of Money Laundering Act (PMLA) had in November 2020 refused to confirm the ED attachment, and consequently, the federal probe agency appealed before the appellate tribunal. '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 (of the ED) is justified,' the Tribunal said. It said there was 'total inter-fixing of the work of the industries floated by Deepak Kochhar and even by the Videocon Group of Industries.' The tribunal rejected Chanda Kchhar's argument that she was 'not knowing the business affairs of her husband' and had pleaded ignorance in her submission. The respondent (Chanda Kochhar) was expected to conduct herself as per the rules and policy of the bank and could not have pleaded ignorance about the association and affairs of the husband, it said in an 82-page order. '…the sanction of a loan of Rs 300 crore by ICICI Bank to the Videocon Group of Industries, where Chanda Kochhar remained part of the committee, was against the rules and policy of the bank,' it said. The tribunal said the flat was purchased from the above-mentioned Rs 64 crore 'diverted' funds and hence was attached by the ED, calling it proceeds of crime. 'We do not find any illegality in that (ED) order, rather find perverse finding in the hands of the Adjudicating Authority on all the issues relevant to the case,' it said. The tribunal rejected Chanda Kochhar's argument that the decision to sanction the loan to Videocon Group of Industries was not by her but by a committee and, therefore, there was 'no link' between the sanction of the loan and the transfer of Rs 64 crore by the Videocon Group of Industries. 'The argument aforesaid was contested and we find that appellants (ED) have given complete chain of events to show how a case of money laundering is made out and before that a predicate offence (the CBI case),' it said. 'The provisional attachment order dated 10.01.2020 for the properties other than for Rs 10.5 lakh is confirmed,' it said while upholding the ED action.
Scroll.in
a day ago
- Business
- Scroll.in
ICICI Bank's ex-CEO Chanda Kochhar held guilty of receiving Rs 64 crore bribe in Videocon loan case
An appellate tribunal under the Prevention of Money Laundering Act has declared ICICI Bank's former Managing Director Chanda Kochhar as guilty of accepting a bribe of Rs 64 crore in exchange for sanctioning a Rs 300 crore loan to the Videocon Group in September 2009, NDTV Profit reported on Tuesday. 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.
New Indian Express
a day ago
- Business
- New Indian Express
Chanda Kochhar found guilty of accepting a Rs 64 crore bribe in ICICI-Videocon loan case
CHENNAI: In a significant development in the ICICI Bank–Videocon loan case, the Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) has found former ICICI Bank CEO Chanda Kochhar guilty of accepting a Rs 64 crore bribe in exchange for sanctioning a ₹300 crore loan to the Videocon Group in 2009. The tribunal, according to reports, in its order dated July 3, 2025, established that the payment was a clear quid pro quo, linking the disbursement of the loan to benefits received by Kochhar's husband through his firm, NuPower Renewables Pvt Ltd. The tribunal overturned a previous order issued by the adjudicating authority under the Prevention of Money Laundering Act (PMLA), which had in November 2020 ordered the release of assets worth Rs 78 crore belonging to Kochhar. The latest ruling described the earlier decision as flawed, stating that it was based on 'irrelevant considerations' and had 'ignored material facts.' According to the tribunal's findings, the ₹64 crore was routed through Supreme Energy Pvt Ltd into NuPower, a company owned and controlled by Deepak Kochhar, Chanda Kochhar's husband. Though NuPower was initially held in the name of Videocon Group promoter Venugopal Dhoot, the tribunal accepted Dhoot's recorded PMLA statement that it was Deepak Kochhar who maintained full control over the entity. The fund transfer took place just one day after the Rs 300 crore loan was disbursed to Videocon International Electronics Ltd.
