New Delhi: The Delhi High Court has asked the Indian government to explain why it has paused two bank accounts of Malabar Gold, a well-known jewellery store. This happened after the store sold some gold items to a company that is under investigation for fraud.
Justice Sachin Datta, who is handling the case, wants to know if the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre (I4C) have received any complaints about Malabar Gold that would justify the investigation.
Malabar Gold and Diamonds Ltd filed a petition asking the government to lift the hold on their accounts at State Bank of India and HDFC Bank. The court has asked the authorities to provide a report within a week explaining why the accounts were frozen.
The court is also looking for information about whether Malabar Gold is being investigated based on any complaints. The case is scheduled for a hearing on April 21, and an officer from I4C is expected to attend.
Malabar Gold said they are in the business of buying and selling gold and precious stones. In July 2024, a private company approached them to buy gold bars and coins, and they followed all the proper processes, including verifying the buyer’s identity.
Later, a complaint was made against this buyer for fraud, and Malabar Gold insisted they are not involved. However, authorities decided to freeze their bank accounts, halting their business and violating their rights.
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