₹100 Crore Freezing of Coda Payments Accounts Quashed, PMLA Authority Failed to Record Mandatory Findings: Bombay High Court
The Bombay High Court has set aside orders freezing the bank accounts and payment aggregator and payment gateway accounts of M/s Coda Payments India Pvt. Ltd., involving approximately ₹100 crore. The Division Bench of Justice A. S. Gadkari and Justice Kamal Khata held that the Adjudicating Authority under the Prevention of Money Laundering Act, 2002 (PMLA) had failed to record the mandatory finding required under Section 8(2) of the PMLA.…
