Ex-ICICI Bank chief Chanda Kochhar found guilty of accepting Rs640m bribe

New Delhi: In the ICICI Bank-Videocon loan matter, former ICICI Bank CEO Chanda Kochhar has been found guilty of accepting a Rs640 million bribe in return for sanctioning a Rs3 billion loan to the Videocon Group in 2009.

The verdict was passed by the Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act.

This order overturns the earlier clean chit she received from the PMLA Adjudicating Authority and supports the Enforcement Directorate's (ED) provisional attachment of her assets, framing the transaction as a case of money laundering.