- 1 - HC-KAR NC: 2025:KHC:29712 CRL.P No. 5223 of 2025 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 31ST DAY OF JULY, 2025 BEFORE THE HON'BLE MR. JUSTICE SACHIN SHANKAR MAGADUM CRIMINAL PETITION NO. 5223 OF 2025 BETWEEN: 1. EBIXCASH WORLD MONEY LIMITED REPRESENTED BY RAGHAVENDRA .N HAVING ITS REGISTERED OFFICE AT 8TH FLOOR, MANEK PLAZA KALINA, CST ROAD, KOLEKALYAN SANTACRUZ (E), MUMBAI MAHARASHTA - 400 098. ALSO AT 194, AKRUTHI CHAMBER BINNAMANGALA 2ND DOUBLE ROAD INDIRANAGAR, BENGALURU - 560 038. …PETITIONER (BY SRI. A.S. VISHWAJITH, ADVOCATE) AND: 1. THE STATE BY BIAL POLICE STATION DEVANAHALLI SUB-DIVISION THROUGH SPP HIGH COURT OF KARNATAKA BENGALURU-560001. …RESPONDENT (BY SRI. ANOOP KUMAR, HCGP) THIS CRL.P IS FILED U/S 482 CR.PC (FILED U/S 528 BNSS) PRAYING TO SET ASIDE THE ORDER DATED 23 DECEMBER 2024 ARISING OUT OF THE I.A. FILED U/S 457 OF THE CRIMINAL PROCEDURE CODE, 1973 PASSED BY THE Digitally signed by AL BHAGYA Location: HIGH COURT OF KARNATAKA - 2 - HC-KAR NC: 2025:KHC:29712 CRL.P No. 5223 of 2025 PRINCIPAL CIVIL JUDGE AND JMFC, DEVANAHALLI IN C.C.NO.4804 OF 2022 AND ETC. THIS PETITION, COMING ON FOR ADMISSION, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR. JUSTICE SACHIN SHANKAR MAGADUM ORAL ORDER This petition is filed by the petitioner, a company incorporated under the laws of India and is an Authorised Dealer Category II Money Changer licenced by Reserve Bank of India. Petitioner company asserts that the company is operating since 1999 having 175 branches across India. The petitioner asserts that the company is authorised to buy foreign exchange from and sell foreign exchange to retail customers and it holds an account with HDFC Bank, Majestic, Calicut Branch bearing Account No.12550330000037 IFSC 0001255. Pursuant to the complaint lodged by one Devendra Kumar Singh, it is alleged that one Soju Thazhathuveettil Saji, was travelling to London through British Airways and while going through the security check produced his academic records to Sri. Surujeeth Ghosh, an immigration staff at Bengaluru International Airport Limited. While scrutinizing the academic records, it was found that the said traveller was carrying fake - 3 - HC-KAR NC: 2025:KHC:29712 CRL.P No. 5223 of 2025 and forged documents, which led to filing of a complaint and a FIR dated 17.12.2021 came to be registered in Crime No. 127/2021 for the offences punishable under Section 465 and 471 of Indian Penal Code. In view of registration of the crime, the fact that the said accused had secured an exchange of Indian currency to Pounds, the company's account was freezed during the course of the investigation. It is in this background, the petitioner company which is primarily into forex exchange was compelled to file an application under Section 457 of Cr.P.C requesting the Court to set aside the order dated 18.12.2021 issued by respondent with respect to the petitioner’s HDFC Bank account at Majestic Centre. The learned Judge has rejected the application filed under Section 457 read with Section 102 of Cr.P.C. 2. Heard the learned counsel for the petitioner and the learned HCGP appearing for the State. 3. The petitioner company does acknowledge that the accused sought exchange to the tune of Rs.3,12,500/-. This is clearly evidenced at Annexue-"C". The short point that arises for consideration of this Court is as to whether the company - 4 - HC-KAR NC: 2025:KHC:29712 CRL.P No. 5223 of 2025 which is not involved into the commission of offence and was only instrumental in offering exchange of currency to the accused, the entire account of the petitioner/company can be freezed. This Court in catena of judgments has held that such a recourse should not be adopted. Even if the authority feels that the amount that was sought to be converted is the subject matter of the criminal proceedings, the amount in question can be secured by marking a lien to an extent of the amount involved in the criminal case. In the present case on hand, Rs.3,12,500/- is the amount. Therefore, this Court is of the view that in the light of principles laid down by the Co-Ordinate Bench rendered in the case of Rozorpay Software Private Limited .vs. State of Karnataka [W.P.No.62/2022 DD. 22.9.2022], this petition can be disposed of directing the respondent to defreeze the petitioner's account with HDFC Bank at Majestic Centre, Calicut Branch bearing Account No.12550330000037 IFSC 0001255 by marking a lien only to an extent of Rs.3,12,500/-. 4. Accordingly, this Court proceeds to pass the following: - 5 - HC-KAR NC: 2025:KHC:29712 CRL.P No. 5223 of 2025 ORDER (i) The Criminal Petition is allowed. (ii) The order dated 23.12.2024 passed on the application filed under Section 457 of Cr.P.C. by the Principal Civil Judge and JMFC, Devanahalli, in C.C.No.4804/2022 is hereby set aside. (ii) Respondent is hereby directed to defreeze the petitioner's account with HDFC Bank at Majestic Centre, Calicut Branch bearing Account No.12550330000037 IFSC 0001255. (iii) It is needless to say that marking of the said lein would be subject to the final outcome of the trial. Sd/- (SACHIN SHANKAR MAGADUM) JUDGE ALB List No.: 2 Sl No.: 12 Page No.5 is re-typed and re-placed vide chamber order dated 03.09.2025