Case Law Analysis
|Madras High Court
Article 14 & PMLA | Madras HC Mandates FDR Return with Interest Upon Quashing of Predicate Offence and PMLA Proceedings
Madras High Court rules that retention of a Fixed Deposit Receipt (FDR) after quashing of the predicate offence and PMLA proceedings violates Article 14, directing its return with accrued interest. The judgment reinforces that conditional securities under lookout circulars cannot be retained without legal basis, impacting enforcement agencies' compliance with court orders.