Former ICICI Bank CEO Chanda Kochhar has been accused of accepting a Rs 64 crore bribe. This is in connection with the sanctioning of a Rs 300 crore loan to the Videocon Group, according to The Times of India.
In a July 3 order, an appellate tribunal ruled that former ICICI Bank CEO Chanda Kochhar received a bribe of Rs 64 crore. She partook in a "quid pro quo" arrangement. It involved her husband Deepak Kochhar and a company linked to the Videocon Group.
"Quid pro quo" is a Latin phrase meaning "something for something" or "this for that". It signifies an exchange where one benefit is given in return for another.
The tribunal stated Kochhar failed to disclose a clear conflict of interest while sanctioning a Rs 300 crore loan to Videocon. The payment was routed from Videocon's SEPL to NuPower Renewables Pvt Ltd, controlled by Deepak Kochhar, just a day after ICICI Bank disbursed the loan. The tribunal backed the Enforcement Directorate's case.
NRPL, officially owned by Videocon Chairman Venugopal Dhoot, was under Deepak Kochhar, who also served as its managing director, according to the tribunal.
It further stated there was clear evidence of quid pro quo; the money trail provided the evidence. The money trail was supported by statements under Section 50 of the PMLA Act.
The November 2020 decision by the adjudicating authority to release Rs 78 crore worth of assets was criticised by the tribunal. The assets belonged to Kochhar and her associates. The tribunal stated the order overlooked key evidence and that it was a flawed order.
Concluding that the loan, its timing, and the subsequent fund transfers demonstrated a misuse of authority and violation of ICICI Bank’s internal policies, the tribunal upheld the ED’s attachment of assets as justified and supported by strong documentary proof.
