What happened?The Kerala High Court issued a ruling that will safeguard individual bank account holders whose accounts got frozen due to the cybercrime investigations by the police. The high court directed the banks not to freeze the account but only to withhold the disputed amount received through UPI until the investigation is completed.
My QuestionThe question that came to mind after reading the article is what happens with the money that is received through the IMPS or NEFT payment system. Understandable most P2P vendors provide UPI transfers. Some of them do not and have a good reputation in the P2P marketplace. Does this ruling cover those Bank account holders who receive the money without using UPI? I did not find anything about it in the
article.
What are your thoughts?The ruling would give a boost to those individuals who still have their accounts frozen. They can now take a sigh of relief knowing that their account has a chance to get unfrozen in some time after this positive ruling.