Chanda Kochhar, once celebrated as a pioneering leader and the face of women’s empowerment in India’s banking sector, has now been found guilty in a high-profile bribery and corruption case. The scandal, one of the most significant in Indian corporate history, revolves around a Rs 64 crore bribe tied to a Rs 300 crore loan sanctioned by ICICI Bank to the Videocon Group during Kochhar’s tenure as CEO and Managing Director.
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Timeline of the Case
- 2009-2011: ICICI Bank, under Kochhar’s leadership, sanctions loans totaling Rs 1,875 crore to Videocon Group companies. Of this, a critical Rs 300 crore loan is approved in August 2009.
- August 27, 2009: The Rs 300 crore loan is disbursed to Videocon International Electronics Ltd (VIEL). The very next day, Rs 64 crore is transferred by Videocon’s subsidiary, Supreme Energy Pvt Ltd (SEPL), to NuPower Renewables Pvt Ltd (NRPL)—a company managed by Kochhar’s husband, Deepak Kochhar.
- 2018: Allegations surface, and Kochhar steps down from her role at ICICI Bank.
- 2019-2020: CBI and Enforcement Directorate (ED) formalize charges, attach assets, but an adjudicating authority briefly orders the release of assets, which is later challenged.
The Heart of the Allegations
At the crux of the scandal is a “quid pro quo” arrangement: Kochhar, leading ICICI’s loan-sanctioning committee, facilitated a major loan to Videocon while failing to disclose her husband’s business links with the group. The case alleges she abused her influential position for personal gain, breaching ICICI Bank’s conflict-of-interest policies and flouting corporate governance norms.
The Money Trail
- Key Transaction: Rs 64 crore, the alleged bribe, moved from Videocon’s SEPL to NRPL a day after the ICICI Bank loan, revealing a direct financial benefit to Kochhar’s family.
- Corporate Shuffle: On paper, NRPL appeared under the control of Videocon’s Venugopal Dhoot, but evidence and Dhoot’s own statements clarified that Deepak Kochhar actually controlled the company.
Legal and Tribunal Proceedings
A central piece of the case is the Enforcement Directorate’s attachment of assets worth Rs 78 crore belonging to the Kochhars. These included their Mumbai residence, which investigators identified as having been transferred at a fraction of its market value through a network of Videocon affiliates, constituting “proceeds of crime”.
In July 2025, the Delhi Appellate Tribunal firmly upheld the ED’s actions, reversing an earlier Mumbai adjudicating authority’s order. The tribunal called the Rs 64 crore remittance illicit, backed by admissible evidence, and found Kochhar guilty of criminal misconduct, money laundering, and violation of ICICI Bank’s internal loan and conflict-of-interest policies.
The tribunal noted that Kochhar failed to recuse herself from decisions involving Videocon, despite her family’s material interest. Her defense—that she was unaware of her husband’s dealings—was rejected as implausible for a senior executive.
Strategic Implications
Banking Sector Reform
The scandal has intensified calls for greater board transparency and stricter internal controls within India’s banks. Regulators and industry leaders are pushing for more robust conflict-of-interest policies and closer monitoring of top executives, aiming to prevent similar lapses in governance in the future.
Regulatory Vigilance
Authorities have responded by increasing scrutiny of high-level corporate dealings, especially in private-sector banks. The Kochhar case signals that oversight bodies will act decisively on suspected conflicts of interest and will not hesitate to attach assets or pursue criminal charges against senior executives.
ICICI Bank’s Response
For ICICI Bank, the case has been a wake-up call that led to significant overhaul in its internal processes. Leadership accountability is now at the forefront, with the bank making visible changes in its structure and culture to restore trust with stakeholders and reinforce its commitment to integrity.
Corporate India at Large
The verdict sets a strong precedent across India Inc, clarifying that non-disclosure and quid pro quo deals will result in tough legal and financial consequences. The investigation serves as a model for handling complex financial crimes, emphasizing detailed forensic audits and swift regulatory action.
Where Do Things Stand?
Both Chanda and Deepak Kochhar are currently out on bail. The seized assets—barring cash with legitimate provenance—remain under government attachment. The legal process is ongoing, but the appellate tribunal’s order is a pivotal milestone, confirming prima facie guilt and emboldening future regulatory action.
Parting Thoughts
Chanda Kochhar’s story is a cautionary tale of how lapses in integrity and governance—even at the highest echelons—can unravel decades of achievement. The episode profoundly impacts not just her personal legacy, but the practices and policies at the very core of Indian banking and corporate governance.
