Freezing of bank accounts under PMLA without compliance of law was not valid

OPTO Circuit India Ltd. Vs Axis Bank & Ors. (Supreme Court) Conclusion: Since freezing of bank account due to initiation of proceedings under PMLA has been done without due compliance of law, it was necessary to direct to defreeze the respective accounts and clear the cheques issued by assessee, drawn in favour of the Competent Authority towards the ITDS, PF, ESI, Professional Tax, Gratuity and LIC employees’ deductions, subject to availability of the funds in the account concerned. Held:  In the instant case. Supreme Court though had not found any reason to interfere with the initiatio...