Former ICICI Bank CEO Chanda Kochhar Found Guilty in Videocon Loan Quid-Pro-Quo Case

While other corporate businesses are depending on raising money from the capital market, the husband of a former ICICI Bank CEO is getting special favours worth ₹64 crore.

Chanda Kochhar Guilty in ₹64 Crore Videocon Loan Bribery Case

In a landmark judgment, former ICICI Bank CEO Chanda Kochhar has been found guilty of a ₹64 crore quid-pro-quo (a favour or advantage granted in return for something) involving a loan to the Videocon Group, according to rulings upheld by an appellate tribunal.

The case, under the scanner for several years, has revealed serious conflict of interest, misuse of power, and money laundering. Based on evidence collected by the Enforcement Directorate (ED), and backed by tribunal orders, the ‘Chanda Kochhar Bribery’ case marks one of India’s most high-profile white-collar corruption scandals.

What is the Chanda Kochhar Fraud Case?

The central allegation revolves around a ₹300 crore loan sanctioned by ICICI Bank to Videocon in 2009. In exchange, Chanda Kochhar allegedly received a ₹64 crore bribe, routed through her husband Deepak Kochhar’s firm, NuPower Renewables Pvt Ltd.

The appellate tribunal clearly outlined a “quid pro quo”, stating that funds were transferred from Videocon’s subsidiary, Supreme Energy Pvt Ltd, to NuPower, just one day after the disbursal of the ICICI loan.

 It concluded that Chanda Kochhar failed to disclose a conflict of interest and that there was a direct and traceable money trail linking the loan approval to the kickback.

Key Timeline of Events: Chanda Kochhar Bribery Case

Who is Chanda Kochhar?

Chanda Kochhar had a stellar rise within ICICI Bank. She joined as a Management Trainee in 1984 and steadily climbed the corporate ladder over the decades:

Chanda Kochhar’s Career Progression
 

Despite her pioneering status as a female banking leader in India, Kochhar’s downfall has raised sharp questions about transparency and integrity in the upper echelons of banking.

Who is Deepak Kochhar?

Deepak Kochhar, husband of Chanda Kochhar, is a businessman and co-founder of NuPower Renewables Pvt Ltd. He played a pivotal role in the bribery scheme by acting as a conduit for the funds. 

Although Venugopal Dhoot, Chairman of Videocon, was initially shown as the paper-owner of NuPower, the tribunal noted that actual control remained with Deepak Kochhar, who was the Managing Director of the company. 

This solidified the bribery charge, revealing an orchestrated misuse of position by Chanda Kochhar through her spouse.

Asset Release Order Overturned by Tribunal

In 2020, a lower adjudicating authority had released ₹78 crore worth of attached assets linked to the Kochhars. However, the appellate tribunal criticized this decision, stating that vital evidence was ignored. 

The tribunal confirmed that there was enough basis to confiscate the assets under the Prevention of Money Laundering Act (PMLA).

Deepak Kochhar’s Central Role in the Bribery Trail

Though initially disguised as an outsider, Deepak Kochhar’s operational command over NuPower made him central to the corruption plot. The ₹64 crore transaction was not a benign business deal, it was a calculated bribe, received in exchange for a massive loan granted under Chanda Kochhar’s authority.

ICICI Bank Share Price Performance

Despite the adverse ruling, ICICI Bank shares remained resilient in the stock market on July 22, 2025:

• Opening Price (NSE): ₹1,474.10
   
• Previous Close: ₹1,465.80
   
• Day’s High / Low: ₹1,477.00 / ₹1,470.60
   
• Current Price (9:17 AM): ₹1,475.50
   
• 1-Day Gain: 0.66%

Performance Summary:

While the bank has distanced itself from Kochhar’s dealings, having already terminated her employment and labelled her exit as “termination for cause”, the brand's long-term reputation may still face scrutiny.

Conclusion

Chanda Kochhar’s conviction exposes a serious breach of ethics in corporate lending. With proven money trails, hidden interests, and a breakdown in disclosure norms, the case reflects how personal gain can jeopardize institutional credibility. 

This ruling is a notable precedent for accountability in India's banking system, underscoring the need for robust checks on conflict of interest and greater transparency in high-value corporate lending.
 

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