{"id":354514,"date":"2025-07-25T11:30:43","date_gmt":"2025-07-25T06:00:43","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=354514"},"modified":"2025-10-11T16:50:50","modified_gmt":"2025-10-11T11:20:50","slug":"videocon-loan-case-chanda-kochhars-assets-attachment-confirmed","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/07\/25\/videocon-loan-case-chanda-kochhars-assets-attachment-confirmed\/","title":{"rendered":"Appellate Tribunal for Forfeited Property confirms attachment of Chanda Kochhar\u2019s assets in ICICI-Videocon Loan case"},"content":{"rendered":"
\n

Appellate Tribunal for Forfeited Property:<\/span> In an appeal filed by Enforcement Directorate (\u2018ED\u2019) challenging the Adjudicating Authority’s order dated 6-11-2020, wherein the authority refused to confirm attachment of a flat in Churchgate, Mumbai (\u2018the Flat\u2019) and cash of Rs.10.5 Lakhs, the Bench of Munishwar Nath Bhandari, J. (Chairman) and Balesh Kumar (Member) found a clear chain of events indicating money laundering, including a Rs 64 crore transfer from Videocon to NRPL, a company controlled by Chanda Kochar\u2019s husband. The long-standing association and financial interlinking between Chanda Kochhar\u2019s husband and Videocon justified the attachment of property purchased with diverted funds.<\/p>\n

Thus, setting aside the Adjudicating Authority\u2019s order, except for the attachment of Rs 10.5 lakhs, which was not confirmed, the Tribunal upheld all other parts of the Provisional Attachment Order dated 10-1-2020.<\/p>\n

Background<\/h3>\n

On 22-1-2019, an FIR was registered by the CBI for an offence under Sections 120-B<\/a> and 420<\/a> of Penal Code, 1860<\/a> (\u2018IPC\u2019) and Sections 7 and 13(2) read with Section 13(1)(d)<\/a> of the Prevention of Corruption Act, 1988<\/a>. It was alleged Chanda Kochhar (MD and CEO), was involved in a criminal conspiracy to sanction Rs 1,730 crore in loans to the Videocon Group in violation of bank policies.<\/p>\n

During June-2009 to October-2011, ICICI Bank had sanctioned 6 high value loans to various Videocon Group of Companies. In 2009, a loan of Rs. 300 crores were sanctioned to Videocon International Electronics Ltd. (\u2018VIEL\u2019), in contravention of the rules and policy by a committee which included Chanda Kochhar. The next day on which the loan was disbursed, Rs 64 crore was transferred by V.N. Dhoot, founder of Videocon to NRPL, a company controlled by Kochhar\u2019s husband. It was alleged that after Chanda Kochhar became MD and CEO of ICICI Bank on 1-5-2009, the aforesaid loans to the Videocon Group were sanctioned. The allegations included conflict of interest, as she chaired or was a member of committees that sanctioned loan of Rs. 300 crores to VIEL and Rs. 750 Crores to Videocon Industries Ltd (\u2018VIL\u2019). The conflict of interest was due to the interest of her husband Deepak Kochhar in VIL and its entities, which she did not disclosed.<\/p>\n

It was stated that Rs 1,730 crore loan to the Videocon Group was to be repaid in 20 quarterly instalments, but no repayment was made. The matter was reviewed by ICICI\u2019s Board which found Chanda Kochhar guilty of multiple violations, including breach of fiduciary duty, conflict of interest, and misconduct. An internal enquiry led by Justice (Retd.) B.N. Srikrishna, concluded that she violated RBI, SEBI, and ICICI\u2019s own policies, warranting her termination.<\/p>\n

The investigations revealed that her husband, Deepak Kochhar, was the Managing Director of NRPL and controlled its affairs, the company that indirectly received, diverted loan funds. Consequently, the ED attached the Flat, which was the property of NRP and cash of Rs.10.5 Lakhs. However, the Adjudicating Authority refused to confirm the attachment, prompting the ED to file this appeal.<\/p>\n

Analysis and Decision<\/h3>\n

The Tribunal stated that the value of the Flat was much more than a consideration of Rs. 11 lakhs, and it had rightly been taken to be nothing but the proceeds of crime. The Tribunal opined that as it was acquired through a crime linked to sanctioning of loan worth Rs 750 and Rs 1730 crores by ICICI Bank where Chanda Kochhar, despite a conflict of interest, participated in and approved the loans urgently, constituting fraud under Section 420<\/a> IPC<\/a>.<\/p>\n

The Tribunal noted that the loan to Videocon Group was sanctioned under an “urgent” proposal without explanation, and Chanda Kochhar failed to disclose her conflict of interest. After disbursement of Rs 300 crores, Rs 64 crores was routed to NRPL. This diversion violated loan terms and benefited Deepak Kochhar\u2019s entity, justifying the attachment of NRPL\u2019s assets as proceeds of crime.<\/p>\n

The Tribunal took note of the respondents\u2019 contention, which referred to Section 5(1)<\/a> of the Prevention of Money Laundering Act, 2002<\/a> (\u2018PMLA\u2019) to indicate that there was no exceptional reason to attach the property when it was already under mortgage and opined that since Deepak Kochhar had significant interest in NRPL, the attachment was justified under the second proviso of Section 5(1)<\/a> PMLA<\/a> to prevent possible alienation. Their strong opposition to the attachment indicated intent to frustrate proceedings, thus validating the provisional attachment.<\/p>\n

The respondents argued that Chanda Kochhar wasn\u2019t solely responsible for sanctioning the loan and that Deepak Kochhar didn\u2019t own NRPL. However, the Tribunal found a clear chain of events indicating money laundering, including a Rs 64 crore transfer from Videocon to NRPL, which was under Deepak Kochhar\u2019s control as per V.N. Dhoot\u2019s statement. The long-standing association and financial interlinking between Deepak Kochhar and Videocon justified the attachment of property purchased with diverted funds, and the Adjudicating Authority’s contrary findings were deemed perverse.<\/p>\n

Thus, setting aside the Adjudicating Authority\u2019s order, except for the attachment of Rs 10.5 lakhs, which was not confirmed, the Tribunal upheld all other parts of the Provisional Attachment Order dated 10-1-2020.<\/p>\n

[Enforcement Directorate v. Chanda Kochhar, 2025 SCC OnLine ATSAFEMA 7<\/a>, decided on 3-7-2025<\/span>]<\/p>\n

\n

Advocates who appeared in this case :<\/p>\n

For the Appellant:<\/span> Zoheb Hossain (Spl. Counsel), N.K. Matta (SPP), Vivek Gurnani, Kanishk Maurya, Aaditya Raj Sharma, Faizan Khan, Advocates and Mr. Rakesh Bansal (EO, ED)<\/p>\n

For the Respondents:<\/span> Vikram Chaudhri (Sr. Advocate) Arveen Sekhon, Muskaan Khurana, Advocates<\/p>\n

Buy Penal Code, 1860 \u00a0 HERE<\/a><\/h3>\n

\"penal<\/a><\/p>\n

Buy Prevention of Corruption Act, 1988 \u00a0 HERE<\/a><\/h3>\n

\"prevention<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

As per the Rules, Chanda Kochhar should have distanced from the meetings which were held for loan sanction, because of conflict of interest. However, not only did she participate in the meeting, but she also sanctioned the loan under urgent category.<\/p>\n","protected":false},"author":67522,"featured_media":354515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[84975,33524,85944,85945,85942,85946,19261,85943],"class_list":["post-354514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-appellate-tribunal-for-forfeited-property","tag-chanda-kochhar","tag-conflict-of-interest-in-banking","tag-deepak-kochhar-nrpl","tag-icici-bank-loan-fraud","tag-icici-videocon-loan-case","tag-money-laundering","tag-videocon-loan-scam"],"yoast_head":"\nVideocon loan case: Chanda Kochhar\u2019s assets attachment| SCC Times<\/title>\n<meta name=\"description\" content=\"Appellate Tribunal 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position in sanctioning loans to Videocon Group’: Read Court’s order issuing process against the former MD & CEO of ICICI Bank","author":"Bhumika Indulia","date":"February 4, 2021","format":false,"excerpt":"Sessions Court, Greater Bombay: Abhijeet A. Nandgaonkar, Additional Sessions Judge, issued summons, being of the prima facie opinion that Chanda Kochhar, Former MD and CEO of ICICI Bank may have misused her official position in sanctioning loans to Videocon Group and got illegal gratification through her husband. FACTUAL MATRIX Accused\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/FED459CD-8D92-4984-BCD4-8E50A5B07C1E.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/FED459CD-8D92-4984-BCD4-8E50A5B07C1E.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/FED459CD-8D92-4984-BCD4-8E50A5B07C1E.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/FED459CD-8D92-4984-BCD4-8E50A5B07C1E.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/FED459CD-8D92-4984-BCD4-8E50A5B07C1E.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":355914,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/07\/legal-roundup-white-collar-crime-july-2025-roundup-corporate-fraud-embezzelment-bribery-money-laundering-scc-legal-news\/","url_meta":{"origin":354514,"position":3},"title":"White Collar Crimes July 2025: A quick recap of Major Rulings and Legislation Updates","author":"Editor","date":"August 7, 2025","format":false,"excerpt":"Covering all the important white collar crimes cases across various Tribunals, High Courts and the Supreme Court as well as the legislative update, this roundup provides a quick summary of cases, latest legal updates in white collar crimes and links to other roundups.","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"White Collar Crimes July 2025","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/White-Collar-Crimes-July-2025.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/White-Collar-Crimes-July-2025.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/White-Collar-Crimes-July-2025.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/White-Collar-Crimes-July-2025.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":281321,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/09\/bombay-high-court-grants-interim-bail-chanda-kochhar-deepak-kochhar-reasons-of-arrest-in-arrest-memo-violative-of-mandate-of-section41-section41a-criminal-procedure-code-in-icici-videocon-loan-scam-ca\/","url_meta":{"origin":354514,"position":4},"title":"\u2018Reason to arrest after four years, not spelt out in the arrest memos’; Bombay High Court grants interim bail to Chanda Kochhar and husband Deepak Kochhar","author":"Editor","date":"January 9, 2023","format":false,"excerpt":"The reason given in the arrest memos to arrest the petitioners, having regard to the facts, appears to be casual, mechanical and perfunctory, clearly without application of mind. The grounds for arrest of the petitioners mentioned in the arrest memos clearly breach the mandatory provisions of Sections 41 and 41-A\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/Bombay-High-Court-1.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":355513,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/04\/tribunal-and-commissions-july-2025-roundup-chanda-kochhar-nirav-modi\/","url_meta":{"origin":354514,"position":5},"title":"Tribunals and Commissions Roundup July 2025 | Attachment of Chanda Kochhar\u2019s Assets; ED Action on Nirav Modi Aide; Malnutrition Crisis in Telangana; Congress Tax Filing Delay & More","author":"Editor","date":"August 4, 2025","format":false,"excerpt":"From smuggling of gold, Adani\u2019s acquisition of HDIL properties, countervailing duty on areca nuts and provisional attachment in the 2005 IPO Scam case to gang rape in Panipat train compartment and collapse of school building in Rajasthan, this quick legal roundup covers important stories from Tribunals, Regulatory Bodies, Commissions this\u2026","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"Tribunals and Commissions July 2025","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/blog-16-1-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/blog-16-1-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/blog-16-1-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/blog-16-1-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/354514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67522"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=354514"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/354514\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/354515"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=354514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=354514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=354514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}