Tamil NaduLaw and crime
Madras High Court: TANPID Act property attachment takes precedence over PMLA
The Madras High Court ruled that property attachments under the Tamil Nadu Protection of Interests of Depositors Act (TANPID) will take precedence over attachments made under the Prevention of Money Laundering Act (PMLA), a decision that helps depositors defrauded by financial institutions.
The Madras High Court has held 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 ruled 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 is a parliamentary law while the TANPID Act is a state legislation. The ruling is seen as aiding thousands of depositors who were duped by fraudulent financial institutions.
Tamil NaduLaw and crime
Madras High Court: TANPID Act property attachment takes precedence over PMLA
The Madras High Court ruled that property attachments under the Tamil Nadu Protection of Interests of Depositors Act (TANPID) will take precedence over attachments made under the Prevention of Money Laundering Act (PMLA), a decision that helps depositors defrauded by financial institutions.
The Madras High Court has held 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 ruled 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 is a parliamentary law while the TANPID Act is a state legislation. The ruling is seen as aiding thousands of depositors who were duped by fraudulent financial institutions.