Chanda Kochhar, former CEO and managing director of ICICI Bank, has been found guilty in a bribery case instead of loan. He has been convicted in the case by an appellate tribunal. The tribunal ordered the case on 3 July. Kochhar took a bribe of Rs 64 crore to give a loan of Rs 300 crore to the company of Videocon Group. The Times of India has given this news.
Investigation of allegations against Chanda Kochhar
The order of the tribunal states that the history introduced by the appellant (ED) has been confirmed by evidence. These evidence matches the statement given under section 50, which are acceptable under the PMLA Act and can be trusted. Investigation of the case found that Videocon Group company to deliver bribe money SEPL And NuPower Renewables (NRPL) Used. Deepak Kochhar had control on NRPL, which Chanda Kochhar Is the husband of
Bribe payment was made a day after a loan dispenser
The investigation also found that a payment of Rs 64 crore of bribe was Rs 300 crore for the loan of Rs. The paper was shown that NRPL is the company of Venugopal Dhoot, chairman of the video, but the tribunal has emphasized that the company was actually by Deepak Kochhar. He was also the managing director of this company. This has been reported in the news of TOI.
Chanda Kochhar violated the rule of conflict of bank interests
The tribunal also found that Chanda was involved in the Kochhar Loan Sectioning Committee, but he did not disclose that the company that is being given a loan of Rs 300 crore, has a business relationship with her husband Deepak Kochhar. This is against the rules related to the conflict of interests of ICICI Bank. The tribunal has reprimanded the Adjudicating Authority for the November 2020 decision in the case. The authority allowed the release of the seized property of Kochhar and their associated people.
Kochhar had to resign after the allegations
Chanda Kochhar had to resign from the post of CEO and Managing Director of ICICI Bank in October 2018 following allegations of bribe in lieu of loan. He later sought permission to retire from the bank before the scheduled time without waiting for the results of the investigation, which was approved by the bank’s board. During the investigation, Chanda Kochhar and her husband Deepak Kochhar were also arrested by the CBI in December 2022.
Kochhar dismissed the allegations against him
However, he dismissed the allegations against him. The Board of Directors of ICICI Bank also gave him a clean chit in the matter. The board had said that the rules for conflict of interest in giving loans to Videocon Industries or any other company have not been violated. Kochhar started his career with ICICI Bank. She was up to 33 years in this bank. At one time he was considered the face of private banking in India.