Chanda Kochhar Guilty in ₹64-Crore Bribery Scandal: ICICI-Videocon Loan Case Shocks Banking Sector
The banking sector in India has been rocked by a landmark decision in which Chanda Kochhar, the former CEO of ICICI Bank, was found guilty of accepting a bribe of ₹64 crore in exchange for authorizing a loan of ₹300 crore to the Videocon Group in 2009. In its July 3, 2025, ruling, the Appellate Tribunal, operating under the Smugglers and Foreign Exchange Manipulators Act (SAFEMA), revealed a clear “quid pro quo” arrangement, nullifying a 2020 clean sheet and reviving corporate governance scrutiny. This decision is a turning point in India’s battle against financial misconduct, according to reports from The Economic Times and Hindustan Times. What caused this well-known conviction, and how does it affect the integrity of the banking industry?
The Enforcement Directorate (ED) supported the tribunal’s conclusions, which showed that Kochhar, in his capacity as head of ICICI Bank’s loan committee, authorized the ₹300-crore loan to Videocon International Electronics Ltd. in spite of a blatant conflict of interest. A day after the loan was disbursed on September 7, 2009, ₹64 crore was transferred through Videocon’s Supreme Energy Pvt Ltd (SEPL) to NuPower Renewables Pvt Ltd, a business owned by her husband, Deepak Kochhar. Kochhar was blasted by the tribunal for breaking ICICI’s internal policies and ethical standards by neglecting to reveal her husband’s business relationships with Venugopal Dhoot of Videocon. According to The Hindu BusinessLine, this transfer was considered a willful abuse of power and was referred to as a bribe.
Amid CBI and ED investigations, Kochhar resigned in 2018 as a result of the case, which began in 2016 with whistleblower complaints. ICICI sanctioned ₹1,875 crore to Videocon entities, a large portion of which became non-performing assets, according to the CBI’s 2019 FIR, which accused the agency of criminal conspiracy and cheating. The ₹64-crore trail was traced by the ED’s money laundering investigation, which was backed by statements made in accordance with Section 50 of the PMLA and confirmed the tribunal’s decision. According to LiveMint, assets valued at ₹78 crore that were first attached in 2020 but later released are once again being examined.
Corporate India is rocked by this decision, which calls into question accountability at the highest levels. The legal battle goes on, but the SAFEMA ruling supports the ED’s case. In 2024, the Bombay High Court declared Kochhar’s 2022 arrest to be illegal. Does this historic ruling reveal more serious systemic problems or will it discourage future financial misconduct? The country is keeping a close eye out for justice and reform as India’s banking industry struggles with this scandal.
