Deepak Kochhar gets HC relief in PMLA case

NEW DELHI: A diary and ~10.5 lakh seized by the Enforcement Directorate (ED) during a March 1 search at the office of Deepak Kochhar, husband of former ICICI Bank chief executive officer Chanda Kochhar, may soon be released after the Bombay high court on Friday stayed attachment proceedings.

As part of the attachment process under Prevention of Money Laundering Act (PMLA), a suspect or accused is given 180 days’ time to challenge the seizure or attachment of any article by the ED before the PMLA adjudicating authority confirms the action.

Deepak Kochhar, through his lawyers Vijay Aggarwal and Ashul Agarwal, on Friday challenged ED’S seizure from the office of Pacific Capital Services Pvt Ltd,a company belonging to the Kochhars, in Mumbai’s Nariman Point on March 1.

The items seized by ED included Deepak Kochhar’s personal diary and ~10.5 lakh in cash, which the agency has alleged may be proceeds of crime.

Two laptops, one CPU and a hard disk, details of submissions made by Kochhar before the Central Bureau of Investigation, a note on overseas funds raised and their utilization by the company were among the items seized.

ED also seized financial statements of a company called Firstland Holdings Ltd, a directors’ report to shareholders of Pacific Capital and six more companies, bank account details of Deepak Kochhar’s Nupower Renewables Pvt Ltd and sale deed of a flat at CCI Chambers, Mumbai, which the agency has alleged was bought with proceeds of crime.

Advocate Vijay Aggarwal, appearing for Pacific, pointed out various legal and factual infirmities which were committed by the appellate tribunal and adjudicating authority.

ED could not be reached for comment on the development.