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In general, the Madras large courtroom’s ruling is a significant growth in the continued discussion more than how to control cryptocurrencies and stop fraud and abuse from the market.

when freezing of accounts might be essential sometimes, the massive concern listed here would be that the police or perhaps banks (who cite the finance ministry's cash laundering policies once they freeze accounts with the delay in revalidating know-your-consumer—KYC files) seem in order to cease people from accessing their own personal price savings, over the flimsiest grounds, with no suitable checks & balances or sufficient redress in the event of abnormal action or police overreach.

Now, An increasing number of men and women are coming ahead to talk with regards to their incapacity to access their bank accounts. These incidents aren't restricted to a couple of states but are happening nationwide. 

The concern asked via the victims of bank account freeze and also technology industry experts is regarding the ought to freeze your entire account of somebody, in place of just freezing the lien amount of money.

By limiting law enforcement from freezing full bank accounts in P2P copyright fraud scenarios, people today linked to these functions could uncover themselves with much more defense towards overreaching steps by authorities.

If the key bank finds the proceeds on the alleged criminal offense happen to be moved to accounts in other banks, it's going to update the information on the national portal.

"though the police weren't keen on heading after the suspect. Instead, the officer demanded which i shell out up Rs 6 lakh and get the freeze on the account lifted," Rahul told Onmanorama.

I feel this is simply not a local news and worth a bigger dialogue because weaponization of PMLA & NCCRP in the context of UPI for account freezing is emerging situation

The Madras significant courtroom lately made a substantial ruling regarding the freezing of bank accounts in peer-to-peer (P2P) copyright fraud conditions. The courtroom mentioned which the police are not able to freeze entire bank accounts in such cases, aligning with the same ruling made by the Kerala large Court last yr.

This determination is predicated about the theory that freezing an entire bank account is often a drastic evaluate that can have read more extreme implications for the account holder, particularly when They're in a roundabout way involved in the alleged fraudulent things to do.

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