NEW DELHI: The Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) has held former ICICI Bank CEO and MD, Chanda Kochhar, guilty of accepting illegal gratification amounting to ₹64 crore from the Videocon group through her husband, Deepak Kochhar, in exchange for sanctioning a ₹300 crore loan in violation of bank policies.
In its scathing order dated July 3, the tribunal overturned the earlier relief granted to the Kochhars by the adjudicating authority in 2020 and validated the Enforcement Directorate’s (ED) charges and attachment of assets worth ₹78 crore.
Tribunal Confirms Quid-Pro-Quo Between Kochhars and Videocon
The tribunal noted that Kochhar’s husband, Deepak Kochhar, through his company NuPower Renewables Pvt Ltd (NRPL), received ₹64 crore from the Videocon group’s firm SEPL a day after ICICI Bank disbursed the ₹300 crore loan. The tribunal held that although NRPL was officially owned by Videocon CMD Venugopal Dhoot, the actual control remained with Deepak Kochhar.
Supporting ED’s case, the tribunal said, “The allegations of quid pro quo against Chanda Kochhar stand proven as per the documentary and testimonial evidence, including statements under Section 50 of the PMLA, which are admissible.”
Adjudicating Authority Reprimanded for Ignoring Evidence
The appellate body harshly criticised the earlier decision of the adjudicating authority, stating that it had “ignored the material facts and record,” which directly supported the ED’s allegation. The tribunal confirmed that Chanda Kochhar played an active role in sanctioning the loan while being a part of the credit committee, without disclosing her personal conflict of interest.
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The tribunal also ruled that the loan was granted “against the bank’s policies and rules,” thereby establishing criminal intent and misuse of power.
With the tribunal’s ruling, the ED’s move to attach the Kochhars’ properties and investigate further gains legal footing. The verdict is being viewed as a landmark development in India’s crackdown on corporate and banking fraud.