ICICI Bank’s Chanda Kochhar: Rs 64 Crore Bribery Conviction Upheld

In a significant development, the appellate tribunal has upheld the findings against Chanda Kochhar, the former CEO of ICICI Bank. The tribunal confirmed that Kochhar received a substantial bribe of Rs 64 crore through her husband from the Videocon group. This payment is directly linked to the approval of a Rs 300 crore loan to Videocon.

The tribunal’s decision explicitly rejects the earlier relief granted to Kochhar, highlighting the seriousness of the accusations. The ruling serves as a validation of the Enforcement Directorate’s (ED) actions, including the attachment of Kochhar’s assets.

This case underscores the gravity of corruption within the financial sector and sends a strong message about the consequences of such actions. The Rs 64 crore bribe represents a significant sum, and the connection to the loan approval emphasizes the quid-pro-quo nature of the transaction.

The appellate tribunal’s confirmation of the bribery allegations adds another layer of complexity to the ongoing investigations and reinforces the importance of transparency and accountability within India’s financial institutions.