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.
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.
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.
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.
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