Overview

• The Appellate Tribunal under the Prevention of Money Laundering Act confirmed the Enforcement Directorate’s provisional attachment of ₹78 crore in assets belonging to Chanda and Deepak Kochhar, reversing a 2020 adjudicating authority order
• The tribunal ruled there is a prima facie case of money laundering, affirming that the seized properties constitute proceeds of crime
• It deemed the ₹64 crore transfer to Deepak Kochhar’s company an illicit quid pro quo tied to a ₹300 crore loan sanctioned by ICICI Bank to Videocon Group
• The tribunal criticized Chanda Kochhar for not recusing herself from the loan approval panel, highlighting a breach of conflict-of-interest norms and bank policies
• The case dates to a January 2019 CBI FIR and has undergone successive reviews under PMLA, SAFEMA and ATFP, reflecting multi-agency scrutiny of high-value banking fraud