Chanda Kochhar, former CEO of ICICI Bank, guilty of receiving bribe of Rs 64 Crores from Videocon group through her husband. The tribunal in order dated July 3 said that money was paid as ‘Quid-Pro-Quo for Sanction of loans of Rs. 300 Crore to Videocon group.
Kochhar was part of Committee that sanctioned the loan of Rs. 300 Crore. Tribunal upheld the ED case, asserting that Kochhar failed to disclose conflict of Interest and loan sanctioned violated Internal Guidelines of ICICI Bank.
According to Investigation, Rs. 64 Crore was transferred from Videocon to SEPL to NRPL just one day after disbursement of Rs. 300 Crore loan to Videocon. NRPL was effectively Controlled by Mr Deepak Kochhar, husband of Chanda Kochhar.
Tribunal concluded that the all transaction,sanctioning of the loan, transfer of funds, and the transfer of money into a firm effectively controlled by Ms Kochhar’s husband—demonstrated a serious misuse of power and breach of ethical conduct.
