A tribunal under the SAFEMA Act recently ruled that former ICICI Bank CEO Chanda Kochhar accepted a ₹64 crore kickback from the Videocon Group in return for approving a ₹300 crore loan in 2009. This decision overturns earlier clean chits and confirms the Enforcement Directorate’s move to freeze her assets 

The tribunal pointed out that money routed through NuPower Renewables managed by her husband Deepak Kochhar and tied to Videocon promoter Venugopal Dhoot clearly showed quid pro quo corruption. It also noted her approval violated ICICI’s internal rules and RBI guidelines.

This case is part of a larger ₹3,250 crore fraud involving loans to Videocon during 2009–11. The CBI and ED had filed FIRs alleging misuse of power, money laundering, and cheating, leading to arrests of Chanda, her husband, and Dhoot in December 2022. Previously, the Bombay High Court had called their arrest "illegal and mechanical," granting interim bail. The Supreme Court issued notices on CBI’s appeal of that ruling.

Now, with the SAFEMA tribunal’s finding, Kochhar’s reputation, once celebrated for breaking glass ceilings is severely tarnished. The case moves to the trial court, and the Supreme Court will later decide on the arrest legality and asset-freeze orders