Indian Court Bans Police From Freezing Entire Bank Accounts in Cryptocurrency Fraud Investigations

Article is form Jinse
September 15, 2024
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The Madras High Court in India has ruled that police cannot freeze entire bank accounts during fraud investigations. They can only freeze the funds in the account that are related to the fraud. This ruling comes after a case where accounts were frozen during a cryptocurrency investigation.

Justice G. Jayachandran emphasized that freezing an entire account would deprive individuals of their livelihood and financial stability. He noted that account holders often don't know why their accounts are frozen and by the time they do, their daily financial and business transactions have suffered significant losses.

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