‘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

Time of India

23-07-2025

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
.
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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'.
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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.