Former ICICI Bank CEO Chanda Kochhar Found Guilty in Rs 64 Crore Bribery Case
An appellate tribunal has held former ICICI Bank CEO Chanda Kochhar guilty of accepting a Rs 64 crore bribe. She took this bribe for sanctioning a Rs 300 crore loan to the Videocon Group.
Key Findings
- Quid Pro Quo Arrangement: The tribunal found that Kochhar received the bribe through a quid pro quo arrangement. It involved her husband Deepak Kochhar and a company linked to Videocon.
- Conflict of Interest: Kochhar failed to disclose a clear conflict of interest while sanctioning the loan. This action violated ICICI Bank’s internal policies.
- Money Trail: The payment moved from Videocon’s SEPL to NuPower Renewables Pvt Ltd (NRPL). Deepak Kochhar controlled NRPL. This happened just a day after the loan was disbursed.
Tribunal’s Observations
- Misuse of Authority: The loan, its timing, and subsequent fund transfers demonstrated a misuse of authority. They violated ICICI Bank’s internal policies.
- Flawed Order: The tribunal criticized the November 2020 decision. They objected to the release of Rs 78 crore worth of attached assets belonging to Kochhar and her associates. The tribunal called it a flawed order that overlooked key evidence.
Enforcement Directorate’s Case
- Attachment of Assets: The tribunal upheld the Enforcement Directorate’s attachment of assets as justified and supported by strong documentary proof.
- Proceeds of Crime: The Rs 64 crore payment was deemed proceeds of crime under the Prevention of Money Laundering Act (PMLA)
