Chanda Kochhar

Following the Kochhars' appeal, the Bombay High Court granted interim protection against the PMLA tribunal's 2025 order and prohibited the ED from taking possession of the properties pending examination of the appeal.

State of the evidence

Documented

The PMLA appeal tribunal overturned the favourable 2020 decision and confirmed the attachment of assets, finding prima facie evidence linking the 64 crore transfer and certain properties to the alleged money laundering scheme.

State of the evidence

Established by a court

Attribution

Accused

Following the internal report, ICICI demanded repayment of bonuses paid since 2009, revoked benefits and stock options and initiated recovery proceedings. Kochhar challenged her reclassification and claimed her entitlements; in 2022, the Bombay High Court rejected an interim application and found the revocation of early retirement prima facie valid.

State of the evidence

Documented

Attribution

Directly implicated

The ED attached property valued at several tens of crore, including the CCI Chambers flat and NuPower assets. The Adjudicating Authority subsequently rejected the confirmation application, finding insufficient evidence to classify the assets as proceeds of crime.

State of the evidence

Documented

Attribution

Accused

ICICI initially accepted Kochhar's request for early retirement while continuing the independent investigation. After receiving the Srikrishna report, the board decided to reclassify her departure as “termination for cause”.

State of the evidence

Documented

Attribution

Directly implicated

The investigation led by former judge B. N. Srikrishna concluded that Kochhar had breached ICICI's Code of Conduct, its conflict-of-interest framework and her fiduciary obligations, particularly through insufficient disclosure and recusal.

State of the evidence

Documented

Attribution

Directly implicated

The CBI named Chanda Kochhar among the accused in an FIR concerning Videocon loans and the alleged benefit to NuPower. The ED subsequently opened its PMLA investigation.

Attribution

Accused

Articles and whistleblower complaints challenged ICICI's handling of matters linked to Videocon and Deepak Kochhar's business interests. After initially defending its executive, the board opened an independent investigation in 2018 and Chanda Kochhar took leave during the review.

State of the evidence

Allegations

Attribution

Directly implicated

Chanda Kochhar sat on the committee approving a 300 crore loan to Videocon International Electronics. The day after disbursement, 64 crore moved from a Videocon structure to NuPower, a company managed by her husband. The CBI and ED described this flow as an undue benefit in return for the loan.

Legal status — source text

core_allegation_in_pending_CBI_and_PMLA_cases

Attribution

Indirectly implicated