By Admin 
Chanda kochhar loan case: Former ICICI Bank CEO Chanda Kochhar has been found guilty of corruption by an appellate tribunal in India. According to a report by the Times of India, the Tribunal has blamed Kochhar for taking a bribe of Rs 64 crore in exchange for sanctioning a loan of Rs 300 crore for Videocon Group.
Bribe was taken through husband Deepak Kochhar
In a decision on 3 July, the tribunal said that Chanda Kochhar had taken a bribe of Rs 64 crore through her husband Deepak Kochhar. This money was received by Videocon Group in lieu of giving a loan of Rs 300 crore under ‘Kwid Pro Quo’. ‘Kwid Pro Quo’ means taking something and giving something.
The tribunal accepted the ED’s decision right. It was told that on August 27, 2009, Videocon received 300 crores of loan. The next day, Videocon Group’s company SEPL sent Rs 64 crore of bribe to Deepak Kochhar’s company Nupower Renewables Private Limited (NRPL).
Damage to bank due to fund of donations
The tribunal said that even though the NRPL is a company of VN Dhoot of Videocon Group, Deepak Kochhar had full control. This transaction of money is revealed by the statements made under Section 50 of the PMLA Act. In this, there is a direct evidence of bribe in lieu of debt.
The tribunal said that this fraud of Chanda Kochhar was damaged to the bank as the loan given to Videocon later drowned, causing heavy losses to the bank.
In November 2020, the tribunal also criticized the decision of the decisive authority to release assets worth Rs 78 crore, giving relief to the accused. Said that the decisive authority had ignored the facts. Explain that the ED had attached property worth Rs 78 crore to Chanda Kochhar while taking action under the Prevention of Money Laundering Act (PMLA).
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