The Calcutta High Court declined an urgent hearing on the Trinamool Congress’s plea challenging the freezing of its bank accounts after authorities imposed a debit freeze on three accounts. The action followed complaints by rebel MLAs seeking an investigation into the source of funds deposited in the party’s accounts.
Fugitive businessman Nirav Modi faced another legal setback as a London court ordered him to pay over USD 10.7 million to Bank of India in a loan recovery dispute. The Court held him personally liable for dues linked to Firestar Diamond FZE.
The District Consumer Commission, Kaithal, held ICICI Bank guilty of deficiency in service for freezing a customer’s account without sufficient proof of fraud. The Commission found no valid legal basis for the lien and ordered relief in favour of the account holder.
Today, On 16th April, The Supreme Court dismissed Anil Ambani’s plea against the fraud classification of his loan accounts under RBI’s 2024 Master Directions. The CJI remarked, “Hard earned money has been siphoned. Did you make good losses of banks and financial institutions?”
The Supreme Court of India ruled consumer forums cannot decide fraud or forgery disputes in banking transactions like unauthorized fixed deposit pledges. Justices PS Narasimha and Manoj Misra said such cases belong in civil or criminal courts.
