Symbolic picture
Former ICICI Bank CEO Chanda Kochhar has been convicted. The Videocon company was accused of taking a bribe of Rs 64 crore to pass a loan of Rs 300 crore. In which he is convicted.
Former CEO of ICICI Bank Chanda Kochhar has been found guilty of taking a bribe of Rs 64 crore by an appellate tribunal. This bribe was taken in lieu of giving a loan of 300 crores to the Videocon Group. According to the Times of India report, in the order given on July 3, the tribunal said that this money was given through Chanda’s husband Deepak Kochhar, through a company associated with Videocon. It was described as a clear case of ‘Quid Pro Quo’ (something instead of something).
What happened?
The ED claimed that Chanda Kochhar passed the loan in violation of the internal policies of ICICI Bank. The tribunal upheld the ED’s claim and said that Chanda hid the business link with her husband’s video, which was against the bank’s Conflict of Interest Rules.
Money game
According to the tribunal, as soon as ICICI Bank gave a loan of 300 crores to Videocon, the next day 64 crore NRPL was transferred from Videocon company SEPL. On paper, NRPL owner Videocon Chairman Venugopal Dhoot was shown, but actually Deepak Kochhar controlled it, who was also its managing director. The tribunal considered it a direct proof of bribe.
The tribunal also misrepresented the decision of an authority in 2020, in which the property worth 78 crores of Chanda and his comrades was released. The tribunal said that the authority ignored the necessary evidence and concluded the wrong conclusion. The ED attached the property based on strong evidence and clean timeline of events. The tribunal said that passing the loan, transfer money and sending funds to Deepak Kochhar’s company – all this shows the misuse of its power by Chanda Kochhar and violation of morality.