Tamil NaduCourts
Madras High Court: TANPID Act property attachment prevails over PMLA attachment
The Madras High Court ruled that property attachments under the Tamil Nadu Protection of Interests of Depositors Act take precedence over attachments under the Prevention of Money Laundering Act, aiding duped depositors.
The Madras High Court has ruled that attachments of properties under the Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act, 1997 (TANPID Act) will take precedence over attachments of the same properties under the Prevention of Money Laundering Act, 2002 (PMLA). A Division Bench of Justices G.R. Swaminathan and V. Lakshminarayanan held that attachments made by the Directorate of Enforcement (ED) under the PMLA cannot prevail over attachments made by a District Revenue Officer under the TANPID Act merely because the PMLA was passed by Parliament and the TANPID Act by the state legislature. The verdict is expected to help thousands of depositors who were duped by fraudulent financial institutions.
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Tamil NaduCourts
Madras High Court: TANPID Act property attachment prevails over PMLA attachment
The Madras High Court ruled that property attachments under the Tamil Nadu Protection of Interests of Depositors Act take precedence over attachments under the Prevention of Money Laundering Act, aiding duped depositors.
The Madras High Court has ruled that attachments of properties under the Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act, 1997 (TANPID Act) will take precedence over attachments of the same properties under the Prevention of Money Laundering Act, 2002 (PMLA). A Division Bench of Justices G.R. Swaminathan and V. Lakshminarayanan held that attachments made by the Directorate of Enforcement (ED) under the PMLA cannot prevail over attachments made by a District Revenue Officer under the TANPID Act merely because the PMLA was passed by Parliament and the TANPID Act by the state legislature. The verdict is expected to help thousands of depositors who were duped by fraudulent financial institutions.
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