This order overturns the earlier clean chit she received from the PMLA Adjudicating Authority and supports the ED’s provisional attachment of her assets

ANI New Delhi

In the ICICI Bank-Videocon loan matter, the Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) has found former ICICI Bank CEO Chanda Kochhar guilty of accepting a Rs64 crore bribe in return for sanctioning a Rs300 crore loan to the Videocon Group in 2009. 

This order overturns the earlier clean chit she received from the PMLA Adjudicating Authority and supports the Enforcement Directorate's (ED) provisional attachment of her assets, framing the transaction as a prima facie case of money laundering.

The Tribunal underscored a clear conflict of interest in Kochhar's approval of the loan. Shortly after disbursing the funds to a Videocon entity, Rs64 crore was traced to NuPower Renewables Pvt. Ltd. (NRPL), a company promoted by her husband Deepak Kochhar. This sum was funneled via Supreme Energy Pvt. Ltd. (SEPL), which is reportedly linked to Videocon's promoter Venugopal Dhoot. While the Tribunal acknowledged that a final determination rests with the Trial Court, it concluded there was sufficient preliminary evidence to justify the attachment order under money laundering charges.