Chanda Kochhar got Rs 64 crore bribe to OK Videocon loan: Tribunal

NEW DELHI: Holding Chanda Kochhar , former CEO of ICICI Bank , guilty of receiving bribes of Rs 64 crore through her husband from Videocon group, an appellate tribunal here in an order dated July 3 observed that the money was paid as quid-pro-quo for sanctioning a loan of Rs 300 crore to the Videocon group.

“The history given by the appellants (ED) has been narrated and supported by the evidence in the light of the reference of the statements under Section 50 of the PMLA Act which are admissible and can be relied upon. The allegation made by the appellants stands because on paper ownership of NRPL is shown to be of V N Dhoot (CMD of Videocon group) but according to him also, the entire control of the company was of Deepak Kochhar (Chanda Kochhar’s husband). Thus, the allegations were made for quid-pro-quo to Chanda Kochhar for sanction of loan to Videocon group of industries,” the tribunal said in its order.

The appellate tribunal slammed the adjudicating authority that had earlier in Nov 2020 given relief to the accused in releasing the attached assets worth Rs 78 crore.

“The adjudicating authority has ignored the material facts while drawing the conclusions which are coming out on the face of the record and, therefore, we cannot endorse the finding of the adjudicating authority going against the record and ignoring the relevant facts. Thus, we find substance in the allegation of the appellants for quid-pro-quo to Chanda Kochhar for sanction of loan of Rs 300 crore to Videocon group and thereupon, a sum of Rs 64 crore was transferred to NRPL, a company managed by Deepak Kochhar and, in fact, he was the managing director of the said company. The factual issues narrated above clarifies that the appellants have taken up the matter to justify the attachment of the property,” the tribunal said, justifying the ED’s attachments.

The tribunal noted that the sanction of a loan of Rs 300 crore by ICICI Bank to the Videocon group where Chanda Kochhar remained part of the committee was against the rules and policy of the bank. “The issue remains about the transfer of Rs 64 crore by Videocon group through its entity SEPL to NRPL day after the disbursement of loan by ICICI Bank,” it said while validating the evidence produced by the ED. The appellate tribunal also held Kochhar guilty of not disclosing her conflict of interest while sanctioning the loan.