The Enforcement Directorate in its reply to the bail plea filed by Deepak Kochhar, an accused along with his wife and former ICICI CEO Chanda Kochhar in the ICICI-Videocon loan case, has said that it is in the process of challenging the “perverse” order of the Adjudicating Authority (PMLA).
PMLA has dismissed ED's plea for confirming attachment of his 2,230 sq ft Churchgate flat as proceeds of crime.
The agency, in its 92-page reply, said that a careful perusal of the November 6 order of the authority reveals that it is a “perverse” order without considering the material placed before it by the agency and selective reading of the documents or records.
“Also, the adjudicating authority has made observations beyond its jurisdiction,” it said, adding that the ED is in the process of challenging the order by filing an appeal before the Appellate Tribunal. It informed the court that the appeal will be filed this month itself.
The order was on an application by the agency for confirming the provisional attachment of the Churchgate flat among other assets belonging to Deepak Kochhar's firm and its subsidiaries. The Kochhars have been living in the flat since the 1996-'97.
Adjudicating proceedings before the adjudicating authority (PMLA) in regard to the attachment of property has no bearing on the proceedings before the special court, it said in its reply. The former has a limited scope of the only adjudication of provisionally attached property and cannot exonerate the accused from the offence of money laundering, it added.
"There is a willful attempt on the part of the accused to mislead this court by linking the two separate proceedings,” it stated and added that the proceedings are not only different in nature, but carried out with a different objective at different forums with a different set of procedures.
The bail plea filed by Kochhar through his advocates Vijay Agarwal and Rahul Agarwal had cited the adjudicating authority’s order and stated that the ED had been unable to convince the authority that the attached properties were involved in money laundering and that Kochhar had been exonerated in the proceedings.
The agency said that Kochhar has been forum shopping by filing various petitions or applications before the Delhi and Bombay High Courts and later withdrawing them.
Investigation in and outside India in respect of the letter of requests issued to four countries is in progress, it said. Apart from the analysis of seized digital devices and proceeds of crime, it said adding Kochhar should not be granted bail as his relatives and employees are witnesses in the case and investigation from them is ongoing. Grant of bail to him could hamper the investigation, it said, as he could influence witnesses.
