In a major development, Chanda Kochhar, the former CEO and Managing Director of ICICI Bank, has been found guilty by an appellate tribunal in a high-profile bribery case. According to the tribunal's judgment dated July 3, Kochhar received ₹64 crore as a bribe in return for approving a ₹300 crore loan to the Videocon Group, one of India’s major business conglomerates.

The tribunal clearly stated that this entire transaction amounted to a ‘quid pro quo’, a Latin phrase meaning “something for something.” This deal was not straightforward or clean, as the money trail didn’t directly involve Chanda Kochhar herself. Instead, the funds were routed through her husband, Deepak Kochhar, and involved companies connected to Videocon. The tribunal pointed out that this indirect method was a part of a larger strategy to hide the true nature of the bribe.

The appellate body supported its conclusions by relying on detailed evidence submitted by the Enforcement Directorate (ED). It emphasized, “The history given by the appellants (ED) has been narrated and supported by the evidence in the light of the reference of the statements under Section 50 of the PMLA Act, which are admissible and can be relied upon.” This statement highlights that testimonies and documents collected under the Prevention of Money Laundering Act (PMLA) played a significant role in establishing Kochhar’s wrongdoing.

In a strong rebuke, the tribunal also criticized the earlier decision of the adjudicating authority, which had allowed Kochhar to retain assets worth ₹78 crore. The tribunal expressed disagreement with that relief, asserting that such a move was unjustified in light of the serious financial misconduct.

Backing the Enforcement Directorate's argument, the tribunal further explained that Kochhar failed to disclose her conflict of interest, especially when she took part in the loan approval process. The sanctioning of the loan was not only unethical but also a violation of ICICI Bank’s internal policies. By withholding information about her husband's financial links with the borrower, she breached the trust placed in her as a senior executive.

One of the most telling pieces of evidence was the financial transaction that occurred just a day after the ₹300 crore loan was approved. The tribunal found that ₹64 crore was transferred from Videocon’s company, SEPL, to NuPower Renewables Pvt Ltd (NRPL). Although NRPL was formally listed as being owned by Videocon’s chairman Venugopal Dhoot, the tribunal asserted that Deepak Kochhar held actual control over it, as he served as the company’s Managing Director. This showed a clear chain of financial benefit from the loan approval.

The tribunal also confirmed that the case was not built on assumptions. It stated that the allegations had been backed by solid documentary proof and witness statements collected under Section 50 of the PMLA Act. These testimonies and financial records made it evident that a ‘quid pro quo’ deal had been executed, with Kochhar failing to inform the bank about her husband’s links to the borrower.

Moreover, it came to light that Chanda Kochhar’s misuse of her powerful position in the bank was not limited to a single incident. She had approved loans amounting to ₹1,730 crore to Videocon Group promoter Venugopal Dhoot in 2009 and 2011, without raising red flags about her husband’s involvement. Following these revelations, the Central Bureau of Investigation (CBI) registered a case against Chanda Kochhar, Deepak Kochhar, and Dhoot for allegedly cheating ICICI Bank. The CBI also noted several irregularities in the manner these loans were granted.

The findings of the tribunal not only confirm serious lapses in corporate ethics but also expose how powerful individuals can manipulate financial systems for personal gain, using indirect routes and familial connections. The case continues to raise questions about accountability and transparency in India’s banking sector.

The Irony of Virtue: Chanda Kochhar’s Old Letter on ‘Honesty’ Resurfaces Amid Bribery Scandal

In a twist that could make even the most seasoned satirist smirk, an old letter penned by Chanda Kochhar, the former CEO of ICICI Bank, has found its way back into the spotlight. Nearly a decade ago, Kochhar wrote a heartfelt letter to her daughter, Aarti, where she poured out her values, life experiences, and—ironically—her views on honesty and integrity. The letter, once hailed as an inspiring message from a successful working mother, now reads like a Shakespearean monologue soaked in poetic contradiction.

This resurfaced letter has gone viral just as the same Chanda Kochhar stands guilty of accepting a ₹64 crore bribe for clearing a ₹300 crore loan to the Videocon Group—an act described by an Appellate Tribunal as a textbook case of quid pro quo. The tribunal's recent ruling reversed a prior decision by the PMLA Adjudicating Authority and lent full support to the Enforcement Directorate’s (ED) stance, framing the entire transaction as a prima facie case of money laundering.

And yet, the same woman who now faces serious charges of financial misconduct once wrote to her daughter about values, discipline, and fairness with the earnestness of a sage.

Chanda Kochhar’s Advice on 'Fair Play and Honesty'

Let us revisit the now-famous words from Kochhar’s 2016 letter, which reads like a self-help sermon, delivered with maternal grace:

“Aarti, there is no limit to what a determined mind can achieve, but in achieving your goal, don't compromise on the values of fair play and honesty,” Kochhar advised her daughter.

“Don't cut corners or compromise to achieve your dreams. Remember to be sensitive to the feelings of people around you. And remember, if you don't allow stress to overtake you, it will never become an issue in your life,” she added.

In hindsight, these words now come wrapped in a layer of tragic irony. The woman who insisted on never cutting corners has now been found guilty of doing just that—approving shady loans, hiding her husband’s financial entanglements, and benefitting from secret business arrangements.

The Full Letter: A Lecture in Values from a CEO Now Convicted of Corruption

Dear Aarti,

It makes me feel so proud today to see you standing in front of me as a confident young woman right on the threshold of an exciting journey through life. I am looking forward to seeing you grow and flourish in the years ahead.

This moment has also brought back memories of my own journey, and the life lessons I learnt along the way. When I think of those times, I realize that most of these lessons were actually learnt in my childhood, mostly through examples set by my parents. The values that they instilled in my formative years gave me the foundation on which I try to live my life even today.

Our parents treated all three of us - two sisters and a brother - equally. When it came to education, or our future plans, there was no discrimination between us based on our gender. Your grandparents always had the same message for the three of us - that it was important to focus on what gave us satisfaction and to work towards it with utmost dedication. That early initiation enabled us to develop into confident individuals capable of taking decisions independently. This also helped me when I started out on my own journey of self- discovery.

I was only a young girl of 13 when my father passed away from a sudden heart attack, leaving us unprepared to take on life without him. We had been protected from life's challenges so far. But without warning, all that changed overnight. And my mother, who had been a homemaker till then, faced the responsibility of raising three children all on her own. It was then that we realized how strong she was and how determined to do her duty in the best possible manner. Slowly, she discovered a flair for designing and textiles, found herself a job with a small firm, and quickly made herself indispensable to them. It must have been challenging for her to shoulder the responsibility of bringing up her family single- handed, but she never let us feel like it was a task for her. She worked hard till she saw all of us through college and we became independent. I never knew that my mother had such a wealth of self-assurance and belief within her.

As a parent with a full time job, one must not let work affect the way you relate to your family. Remember the time you were studying in the US and the announcement of my becoming MD and CEO of ICICI was splashed across all newspapers? I remember the mail you wrote to me a couple of days later. “You never made us realize that you had such a demanding, successful and stressful career. At home, you were just our mother,” you wrote in your email. Live your life in the same way, my darling.

I also learnt from my mother that it is very important to have the ability to handle difficult situations and keep moving forward in life, no matter what. Even today I can remember the equanimity and calmness with which she handled the crisis on hand when my father passed away. You have to handle the challenges and emerge stronger from them, rather than allow them to bog you down. I remember how, in late 2008, we were faced with a situation where ICICI Bank’s survival was in jeopardy in the face of a global economic meltdown. The situation was being analysed with a hawk’s eye by major media platforms and debated widely in the public space... I got down to work, systematically communicating with all stakeholders – from the smallest depositor to the sophisticated investors, and from regulators to the government – the bank was sound and its exposure to these institutions involved a small portion of its assets. I understood their concern because so many of them feared that their hard earned savings in our bank could be at risk. I also advised staff across the bank’s various branches to lend a sympathetic ear to those depositors who turned up to withdraw their money, telling them to also offer the depositors a seat and a glass of water while they waited. And though, depositors were welcome to withdraw their money if they wanted to, our staff also took care to explain to them that it would not help them to take their money away, because there was no real crisis situation.

It was during this period that I took a couple of hours off one day to attend your brother’s squash tournament. I did not know it then, but my very presence at the tournament went a long way in reinstalling customer confidence in the bank. A few mothers at the tournament came and asked me if I was Chanda Kochhar from ICICI Bank and when I replied in the affirmative they said that if I could still find time to attend a tournament in the midst of a crisis, it meant that the bank was in safe hands and they need not worry about their money!

It was also from my mother that I learnt the importance of adapting to circumstances and not being afraid of the unknown. While working hard for my career, I looked after my family, and have been there for my mother and in-laws when they needed me around. They reciprocated in kind with their unconditional love and support for my career. Remember that relationships are important and have to be nurtured and cherished. Also keep in mind that a relationship is a two way street, so be ready to give a relationship just as you would expect the other person to be giving to you.

My career would not have progressed the way it did were it not for your father who never once complained about the time I spent away from home. Your father and I nurtured our relationship despite the fact that we were both busy with our own careers, and I am confident you will do the same with your partner, when the time comes. If you had complained and whined about my extended absence from home, I would never have had the heart to make a career for myself. I am blessed with a great and supportive family and I really hope you too will be as fortunate when you set out on your own!

I remember the day your board exams were about to commence. I had taken leave from work so that I could take you to the examination hall myself. When you realized I was coming, you told me how you were used to going for your exams alone for so many years. It hurt me to hear you say that, but I also think in some ways, having a working mother made you much more independent from a very young age itself. You not only became independent, but also stepped into the nurturer’s role for your younger brother and never let him miss my presence. I learnt to have trust and faith in you and you have now grown into a wonderful, independent woman. I now use the same principle at work to make our growing population of younger talent take on larger responsibilities.

I believe in fate but I also believe that hard work and diligence plays a very important role in our lives. In a larger sense, we all write our own destiny. Take destiny in your own hands, dream of what you want to achieve, and write it in your own way. As you go ahead in life, I want you to climb the path to success one step at a time. Aim for the sky, but move slowly, enjoying every step along the way. It is all those little steps that make the journey complete.

As you go forward, you will sometimes have to take difficult decisions, decisions that others might scorn at. But you must have the courage to stand up for what you believe in. Make sure you have that conviction to do what you know is right, and once you have it, don’t let skeptics distract you from your path.

Aarti, there is no limit to what a determined mind can achieve, but in achieving your goal, don't compromise on the values of fair play and honesty.
Don't cut corners or compromise to achieve your dreams.
Remember to be sensitive to the feelings of people around you.
And remember, if you don't allow stress to overtake you, it will never become an issue in your life.

Remember that good times and bad times will be part of your life equally, and you have to learn to handle both with equanimity. Make the most of life’s opportunities and learn from every opportunity, and challenge that life brings along.

Lovingly yours,
Mumma