Chanda Kochhar: From ICICI Trainee To Padma Bhushan Awardee — Now Found Guilty in Rs 64 Crore Videocon Loan Case

Chanda Kochhar was once one of the most admired names in Indian and global banking. As the former Managing Director and CEO of ICICI Bank, she broke gender barriers, led the bank through financial storms, and became a symbol of leadership and success. She was awarded the Padma Bhushan in 2011, featured in Forbes’ list of the World’s 100 Most Powerful Women, and was recognised by Time magazine among the 100 most influential people.

But today, her legacy is clouded by a serious financial scandal — one that has resulted in official findings of corruption and conflict of interest.Chanda Kochhar was once one of the most admired names in Indian and global banking. As the former Managing Director and CEO of ICICI Bank, she broke gender barriers, led the bank through financial storms, and became a symbol of leadership and success. She was awarded the Padma Bhushan in 2011, featured in Forbes’ list of the World’s 100 Most Powerful Women, and was recognised by Time magazine among the 100 most influential people.

But today, her legacy is clouded by a serious financial scandal — one that has resulted in official findings of corruption and conflict of interest.

In 1984, she joined ICICI, which was then a development financial institution. At a time when few women held leadership roles in banking, she was already setting herself apart.

Rise to the Top
Kochhar rose quickly within ICICI, thanks to her knowledge of project finance and credit risk. In the 1990s, then-CEO KV Kamath brought her into the core leadership team. By 2000, when ICICI turned into a full-fledged commercial bank, she was leading its retail business. Under her guidance, ICICI became a leader in home loans, car loans, and personal banking.

She became MD and CEO in 2009, at a time when the global financial crisis had hurt investor confidence. Kochhar helped steady the bank and strengthened its position in India’s financial sector. She led efforts to reduce risky lending, build strong retail operations, and invest in digital banking. For years, her name stood for resilience, innovation, and leadership.

The Fall: Videocon Loan Case
Trouble started brewing when the CBI and Enforcement Directorate (ED) began investigating loans given by ICICI Bank to the Videocon Group, led by businessman Venugopal Dhoot. Between 2009 and 2011, ICICI sanctioned loans worth Rs 1,875 crore to Videocon companies. One key loan was a Rs 300 crore disbursement in 2009 to Videocon International Electronics Ltd (VIEL).

Just a day after this loan was given, Rs 64 crore was transferred by Supreme Energy, a Videocon firm, to NuPower Renewables, a company controlled by Kochhar’s husband, Deepak Kochhar.

Investigators said this was not a coincidence. They called it a "quid pro quo" — meaning Kochhar had used her position to help Videocon in exchange for financial benefits given to her family.

Investigations and Resignation
In 2016, questions were first raised by whistleblowers and journalists about a possible conflict of interest. In 2018, the CBI filed a preliminary case, and Chanda Kochhar resigned as CEO of ICICI Bank in October 2018, even though she cited personal reasons.

In 2019, the CBI formally filed an FIR against Chanda Kochhar, her husband Deepak, and Venugopal Dhoot. They were accused of criminal conspiracy, cheating, and abuse of official position. The ED also launched a money laundering probe and temporarily attached assets worth Rs 78 crore belonging to the Kochhars.

Also Read: 1,629 Wilful Defaulters Owe Rs1.62 Lakh Crore to PSU Banks, FM Discloses

Arrests, Bail & Supreme Court Notice
In December 2022, the CBI arrested Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot. However, the Bombay High Court later granted them interim bail, calling the arrests “arbitrary” and not done as per proper legal procedures.

The case continued in courts. In September 2024, the Supreme Court issued notices to the Kochhars after the CBI challenged the High Court’s bail order.

Tribunal’s Final Word
On July 3, 2025, the PMLA Appellate Tribunal ruled against Chanda Kochhar. It said the Rs 64 crore transfer was a bribe, not a normal business deal. The tribunal found that Kochhar had failed to disclose her husband’s business ties, despite being on the bank’s loan approval committee.

It said she had breached her ethical and legal duty, and the loan to Videocon was influenced by personal gain. The ruling overturned a previous decision from 2020 that had released the Kochhars’ assets.