Latest news with #PMLAAct
&w=3840&q=100)
Business Standard
22-07-2025
- Business
- Business Standard
Chanda Kochhar found guilty in ₹64 cr bribe case linked to Videocon loan
An appellate tribunal in New Delhi has ruled that former ICICI Bank CEO Chanda Kochhar was involved in a quid pro quo arrangement involving a ₹64 crore bribe linked to the sanctioning of a ₹300 crore loan to the Videocon Group, according to a report by The Times of India. The detailed order, dated July 3, backs the Enforcement Directorate's (ED) claims that Kochhar misused her position at the bank and violated disclosure norms. The tribunal found that the bribe was routed from Videocon's entity SEPL to NuPower Renewables Pvt Ltd, a company controlled by Kochhar's husband Deepak Kochhar, just a day after the loan disbursement. The order noted that although NuPower Renewables Pvt Ltd (NRPL) was shown on paper as being owned by Videocon Chairman Venugopal Dhoot, the actual control rested with Deepak Kochhar, who was also its managing director. The tribunal said, 'The allegation made by the appellants stands because on paper ownership of NRPL is shown to be of VN Dhoot... but the entire control of the company was of Deepak Kochhar.' It added that statements recorded under Section 50 of the PMLA Act were valid and admissible, offering direct evidence of the quid pro quo arrangement, the news report said. ED's asset attachments justified, says tribunal The tribunal also criticised the adjudicating authority's earlier decision in November 2020, which had favoured the Kochhars and ordered the release of assets worth ₹78 crore. Calling that decision flawed, the tribunal said, 'The adjudicating authority has ignored the material facts... we cannot endorse the finding... Thus, we find substance in the allegation of the appellants.' The tribunal said that the loan was sanctioned despite clear conflicts of interest and in violation of ICICI Bank's internal policies, as Kochhar was part of the loan sanctioning committee. A major point of contention was the timing of the ₹64 crore transfer from SEPL to NRPL. The tribunal said, 'The issue remains about the transfer of ₹64 crore by Videocon group... to NRPL the day after the disbursement of the loan.' This detail, according to the tribunal, strongly supported the ED's claim that the money was a bribe in exchange for sanctioning the loan, the The Times of India report mentioned. Deepak Parekh recalls merger proposal from Kochhar In June this year, former HDFC Chairman Deepak Parekh revealed that Chanda Kochhar had once suggested a merger between HDFC and ICICI Bank, long before HDFC's eventual merger with its banking arm in 2023. During a conversation on Kochhar's YouTube channel, Parekh recalled: 'You said that ICICI started HDFC. 'Why don't you come back home?' That was your offer.' Parekh said he declined the proposal, calling it inappropriate at the time. 'It would not have been fair or proper with our name and the bank and all.' He added that the 2023 HDFC-HDFC Bank merger came about largely due to regulatory pressure. With HDFC's asset size crossing ₹5 trillion, the RBI classified it as systemically important, prompting the merger. 'RBI supported us... but there were no concessions, no relief, no time, nothing,' Parekh said.
Mint
22-07-2025
- Business
- Mint
Ex-ICICI Bank CEO Chanda Kochhar held guilty of taking ₹64 crore bribe to greenlight ₹300 crore loan to Videocon: Report
Former ICICI Bank CEO Chanda Kochhar has been found guilty of receiving a bribe of ₹ 64 crore in exchange of sanctioning a ₹ 300 crore loan to Videocon Group, a report has said. According to the report by The Times of India, an appellate tribunal in New Delhi in an order dated July 3 observed that Kochhar took the bribe through her husband Deepak Kochhar and a company linked to the Videocon Group in a 'quid-pro-quo' arrangement. 'The history given by the appellants (ED) has been narrated and supported by the evidence in the light of the reference of the statements under Section 50 of the PMLA Act which are admissible and can be relied upon,' the tribunal said, as per the report. Backing the Enforcement Directorate (ED), the tribunal said that Deepak Kochhar was controlling the Videocon Group's operations at the time, making the allegations against the couple valid. 'The allegation made by the appellants stands because on paper ownership of NRPL is shown to be of V N Dhoot (CMD of Videocon group) but according to him also, the entire control of the company was of Deepak Kochhar (Chanda Kochhar's husband). Thus, the allegations were made for quid-pro-quo to Chanda Kochhar for sanction of loan to Videocon group of industries,' it said. The tribunal further upheld the ED's case accusing Chanda Kochhar of failing to disclose conflict of interests. 'The issue remains about the transfer of ₹ 64 crore by Videocon group through its entity SEPL to NRPL day after the disbursement of loan by ICICI Bank,' the report quoted the tribunal as saying. It was also observed that the approval of the ₹ 300 crore loan to the Videocon Group while Chanda Kochhar was part of the committee was against the policy of the ICICI Bank. The appellate tribunal slammed an adjudicating authority that had in November 2020 allowed the release of assets worth ₹ 78 crore belonging to Chanda Kochhar and her associates, TOI reported. 'The adjudicating authority has ignored the material facts while drawing the conclusions which are coming out on the face of the record and, therefore, we cannot endorse the finding of the adjudicating authority going against the record and ignoring the relevant facts,' the tribunal said. 'Thus, we find substance in the allegation of the appellants for quid-pro-quo to Chanda Kochhar for sanction of loan of ₹ 300 crore to Videocon group and thereupon, a sum of ₹ 64 crore was transferred to NRPL, a company managed by Deepak Kochhar and, in fact, he was the managing director of the said company.'
Mint
22-07-2025
- Business
- Mint
Ex-ICICI Bank CEO Chanda Kochhar held guilty of taking ₹64 crore bribe to greenlight ₹300 crore loan to Videocon: Report
Former ICICI Bank CEO Chanda Kochhar has been found guilty of receiving a bribe of ₹ 64 crore in exchange of sanctioning a ₹ 300 crore loan to Videocon Group, a report has said. According to the report by The Times of India, an appellate tribunal in New Delhi in an order dated July 3 observed that Kochhar took the bribe through her husband Deepak Kochhar and a company linked to the Videocon Group in a 'quid-pro-quo' arrangement. 'The history given by the appellants (ED) has been narrated and supported by the evidence in the light of the reference of the statements under Section 50 of the PMLA Act which are admissible and can be relied upon,' the tribunal said, as per the report. Backing the Enforcement Directorate (ED), the tribunal said that Deepak Kochhar was controlling the Videocon Group's operations at the time, making the allegations against the couple valid. 'The allegation made by the appellants stands because on paper ownership of NRPL is shown to be of V N Dhoot (CMD of Videocon group) but according to him also, the entire control of the company was of Deepak Kochhar (Chanda Kochhar's husband). Thus, the allegations were made for quid-pro-quo to Chanda Kochhar for sanction of loan to Videocon group of industries,' it said. The tribunal further upheld the ED's case accusing Chanda Kochhar of failing to disclose conflict of interests. 'The issue remains about the transfer of ₹ 64 crore by Videocon group through its entity SEPL to NRPL day after the disbursement of loan by ICICI Bank,' the report quoted the tribunal as saying. It was also observed that the approval of the ₹ 300 crore loan to the Videocon Group while Chanda Kochhar was part of the committee was against the policy of the ICICI Bank. The appellate tribunal slammed an adjudicating authority that had in November 2020 allowed the release of assets worth ₹ 78 crore belonging to Chanda Kochhar and her associates, TOI reported. 'The adjudicating authority has ignored the material facts while drawing the conclusions which are coming out on the face of the record and, therefore, we cannot endorse the finding of the adjudicating authority going against the record and ignoring the relevant facts,' the tribunal said.
India Today
22-07-2025
- Business
- India Today
Chanda Kochhar found guilty in Rs 64-crore Videocon bribe case: Report
Former ICICI Bank CEO and MD Chanda Kochhar has been found guilty of receiving a Rs 64 crore bribe in return for approving a Rs 300 crore loan to the Videocon Group, reported The Times of appellate tribunal gave this ruling in an order dated July 3. The tribunal said that the money was routed through Kochhar's husband Deepak Kochhar, using a company connected to tribunal said the payment was a clear case of quid pro quo and supported the Enforcement Directorate's (ED) said the ED had provided strong documentary evidence and statements recorded under Section 50 of the Prevention of Money Laundering Act (PMLA), which were legally admissible. These, the tribunal said, clearly showed that Chanda Kochhar did not disclose her conflict of interest and that the loan approval violated ICICI Bank's internal tribunal explained that the Rs 64 crore was sent from Videocon's group company SEPL to NuPower Renewables Pvt Ltd (NRPL), a company controlled by Deepak Kochhar. This transaction took place just one day after ICICI Bank disbursed the Rs 300 crore loan to the ownership of NRPL was initially shown to be with Videocon's chairman Venugopal Dhoot, the tribunal observed that the real control rested with Deepak Kochhar, who also served as the managing director of the company. This, it said, clearly pointed to a conflict of interest, as Chanda Kochhar did not declare these ties when approving the tribunal said, as per the report, 'The allegations stand corroborated by evidence and the statements recorded under Section 50 of the PMLA Act.' It added that the money trail was direct and demonstrated misuse of power for personal tribunal also criticised a November 2020 decision by an adjudicating authority that had allowed the release of attached assets belonging to Chanda Kochhar and her family. The authority had found insufficient grounds to hold the assets, but the tribunal disagreed stated that the earlier authority had ignored key facts and drawn conclusions not supported by the record. 'The adjudicating authority ignored crucial material facts and drew conclusions that contradict the record. Therefore, we cannot endorse its findings,' the tribunal said, as reported by appellate tribunal supported the ED's action in attaching the assets of the Kochhars. It said that the attachment was based on a clear timeline of events and strong documentary tribunal concluded that the entire process, from loan sanctioning to the transfer of funds and the routing of money into a company controlled by Deepak Kochhar, showed clear misuse of position and violation of ethical standards.- EndsTrending Reel advertisement
Time of India
22-07-2025
- Business
- Time of India
Ex ICICI Bank CEO Chanda Kochhar held guilty of Rs 64-crore bribe in Rs 300-crore loan sanction to Videocon
An appellate tribunal has found former ICICI Bank CEO Chanda Kochhar guilty of receiving a bribe of Rs 64 crore in exchange for sanctioning a Rs 300 crore loan to the Videocon group, according to a TOI report. In a detailed order dated July 3, the tribunal ruled that the payment was a clear case of 'quid pro quo', routed through Kochhar's husband, Deepak, via a company linked to Videocon. "The history given by the appellants (ED) has been narrated and supported by the evidence in the light of the reference of the statements under Section 50 of the PMLA Act which are admissible and can be relied upon," the tribunal said. TOI reported that the tribunal upheld the Enforcement Directorate 's (ED) case, asserting that Kochhar failed to disclose her conflict of interest , and that the loan sanction violated ICICI Bank's internal policies. The tribunal also slammed the adjudicating authority for earlier granting relief to Kochhar by releasing assets worth Rs 78 crore. Live Events A web of financial dealings According to the tribunal, the Rs 64 crore payment was routed from Videocon's entity SEPL to NuPower Renewables Pvt Ltd (NRPL), a company effectively controlled by Deepak Kochhar , just one day after the Rs 300 crore loan was disbursed by ICICI Bank. While NRPL was on paper shown to be owned by Videocon chairman Venugopal Dhoot, the tribunal stressed that the actual control of the company rested with Deepak, who also served as its managing director, noted the TOI report. 'The allegations stand corroborated by evidence and the statements recorded under Section 50 of the PMLA Act,' the tribunal noted, declaring the money trail to be direct evidence of 'quid pro quo'. The tribunal added that Chanda Kochhar, while serving as part of the loan sanctioning committee , failed to disclose her husband's business links with the borrower, violating the bank's conflict of interest rules. Tribunal rebukes earlier relief In a scathing observation, the appellate tribunal criticised the November 2020 decision of the adjudicating authority, which had allowed the release of attached assets belonging to Kochhar and her associates. 'The adjudicating authority ignored crucial material facts and drew conclusions that contradict the record. Therefore, we cannot endorse its findings,' the tribunal said, TOI further reported. Backing the ED's position, the tribunal added that the agency had justifiably attached the assets based on strong documentary evidence and a clear timeline of events. It concluded that the entire transaction—sanctioning of the loan, transfer of funds, and the routing of money into a firm controlled by Kochhar's husband—demonstrated a serious misuse of power and breach of ethical conduct.
