An Indian High Court has reined in on nonchalant account freezes declaring that investigative agencies cannot freeze entire bank accounts during crypto fraud investigations.
The court’s decision comes on the heels of a recent crypto-fraud case where a petitioner’s account was entirely frozen. Considering the inconveniences and hardships caused by such moves, the court mandated that investigative agencies can only freeze the specific amount linked to the fraud; not the entire account.
Mohammed Saifullah, an HDFC Bank account holder in Tiruvallur district, filed a petition after his account was frozen by the Telangana State Cyber Security Bureau (TSCSB). The freeze, related to a cryptocurrency fraud investigation, lasted over a year. While Saifullah was unaware of the reason, the bank’s counsel informed the court it stemmed from an invest…
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