Neokred Technologies Private Limited Vs Deputy Director (Karnataka High Court)
Material Facts
The petitioner challenged the order dated 19.02.2026 passed by the Adjudicating Authority under the Prevention of Money Laundering Act, 2002 (PMLA) in OA No.279/2025, insofar as it affected the petitioner. The petitioner sought quashing of the order, de-freezing of its Yes Bank account and release of the frozen balance of ₹38,606/- with accrued interest, and supply of the statement of the Senior Branch Manager of Yes Bank allegedly relied upon in the proceedings.
Proceedings and Submissions
The Court noted that the petitioner was not involved in the alleged crime but was a party to proceedings before the Adjudicating Authority under Section 5 of the PMLA, where its bank account containing ₹37,500/- was sought to be attached. The petitioner had filed detailed objections to the attachment proceedings.
The learned Additional Solicitor General submitted that the petitioner’s objections would be considered and appropriate orders would be passed.
Court’s Findings
The Court observed that while the petitioner had filed detailed objections, those objections did not receive any consideration in the impugned order, although the objections of other parties had been considered.
Final Ruling
The High Court remitted the matter to the Adjudicating Authority for consideration of the petitioner’s objections and for passing appropriate orders. All other contentions were left open. The writ petition was disposed of.
