The tribunal also supported the Enforcement Directorate’s view that the ₹64 crore represented proceeds of crime under the PMLA, bolstering the ED’s earlier provisional attachment of the Kochhars’ properties. The order strengthens the agency’s case and underlines the misuse of official position and breach of corporate governance norms at the highest level, the media reports said on Tuesday.

This case dates back to 2009 when ICICI Bank, under Kochhar’s leadership, sanctioned multiple loans to the Videocon Group, totaling approximately Rs 1,875 crore. It wasn’t until 2016 that whistleblower complaints flagged a conflict of interest in the dealings. The Central Bureau of Investigation (CBI) began a preliminary probe in 2018, leading to a formal FIR in January 2019 that named Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot. The CBI charged them with criminal conspiracy, cheating, and misuse of official position.

Chanda Kochhar stepped down as CEO in October 2018 amid growing scrutiny. She and her husband were arrested in December 2022 along with Dhoot. While they have since secured bail, the legal proceedings remain active, and the Supreme Court is monitoring the case.

The SAFEMA tribunal’s ruling marks a significant step in the ongoing legal battle, reinforcing the role of regulatory bodies in addressing complex corporate fraud and setting a precedent for greater accountability in the banking sector. It also underscores serious lapses in internal oversight and conflict of interest policies at ICICI Bank during Kochhar’s tenure.