**Special Court Rejects SBI Plea to Release Rs 5 Crore Attached in Peacock Media Case**
Mumbai: The special court designated under the Maharashtra Protection of Interest of Depositors (MPID) Act has refused the plea by the State Bank of India (SBI) seeking to release Rs 5 crore held in a bank account attached by the police during the investigation against M/s Peacock Media Ltd.
The court stated that the funds in the account are crucial to satisfy the claims of approximately 298 depositors who were cheated by the firm under the pretext of offering high returns.
### Background of the Case
The case against Peacock Media was registered back in 2013. During the investigation, the police attached the firm’s bank account and the immovable properties owned by its directors. The prosecution has alleged that depositors were defrauded of around Rs 4.13 crore.
### SBI’s Plea to Confiscate Funds
SBI approached the court seeking permission to confiscate Rs 5.51 crore, which includes the principal deposit of Rs 3.5 crore along with accrued interest. This move was intended to recover losses incurred by the bank after the firm defaulted on loan repayments. The bank further claimed that it has yet to recover Rs 41.14 crore from Peacock Media.
### Court’s Observations
The court observed that SBI had applied for permission to auction the firm’s property under the SARFAESI Act only in 2016, which was three years after the offence was registered. Based on this delay, the court ruled that the bank is not entitled to claim the funds held in Peacock Media’s account.
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https://www.freepressjournal.in/mumbai/maharashtra-court-denies-sbis-move-to-confiscate-551-crore-from-peacock-media-amid-fraud-probe