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Time of India
2 hours ago
- 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.
Time of India
a day ago
- Business
- Time of India
Chanda Kochhar got Rs 64 crore bribe to OK Videocon loan: Tribunal
Chanda Kochhar NEW DELHI: Holding Chanda Kochhar , former CEO of ICICI Bank , guilty of receiving bribes of Rs 64 crore through her husband from Videocon group, an appellate tribunal here in an order dated July 3 observed that the money was paid as quid-pro-quo for sanctioning a loan of Rs 300 crore to the Videocon group. '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 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,' the tribunal said in its order. The appellate tribunal slammed the adjudicating authority that had earlier in Nov 2020 given relief to the accused in releasing the attached assets worth Rs 78 crore. '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. Thus, we find substance in the allegation of the appellants for quid-pro-quo to Chanda Kochhar for sanction of loan of Rs 300 crore to Videocon group and thereupon, a sum of Rs 64 crore was transferred to NRPL, a company managed by Deepak Kochhar and, in fact, he was the managing director of the said company. The factual issues narrated above clarifies that the appellants have taken up the matter to justify the attachment of the property,' the tribunal said, justifying the ED's attachments. The tribunal noted that the sanction of a loan of Rs 300 crore by ICICI Bank to the Videocon group where Chanda Kochhar remained part of the committee was against the rules and policy of the bank. 'The issue remains about the transfer of Rs 64 crore by Videocon group through its entity SEPL to NRPL day after the disbursement of loan by ICICI Bank,' it said while validating the evidence produced by the ED. The appellate tribunal also held Kochhar guilty of not disclosing her conflict of interest while sanctioning the loan.
