2024 (2) TMI 1446 - HC - Money Laundering

Violation of principle of natural justice - loan account of the petitioner declared a fraud by the respondents-banks - HELD THAT - Till the next date of hearing there shall be stay of all further proceedings including registration of FIR No. RC2232020A0004 dated 6.8.2020 investigation and arrest in relation to the complaints/FIRs already registered on the complaints made by the respondents-banks until further orders.

Summary

The High Court granted a stay on all proceedings related to a loan account declared as "fraud" by banks, citing violation of natural justice principles. The stay includes registration of FIR, investigation, and arrest until further orders. Next hearing scheduled for 02.04.2024.