Bank account de-freezing allowed during investigation, with disputed funds safeguarded and cooperation with investigating agencies required.

The bank account was directed to be de-frozen and made operable during the pending investigation, because the parties agreed it need not remain fully frozen. The Court protected the disputed fraudulent amount by permitting it to remain safeguarded, and left the bank free to transfer that sum back to the account from which it had been credited. The petitioner was required to cooperate with the bank authorities and investigating agencies and to keep the account open until further permission was granted.

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Issues: Whether the petitioner's bank account was liable to be de-frozen and permitted to be operated, while protecting the disputed amount and ensuring cooperation with the investigating agencies.

Analysis: The parties agreed that the account need not remain fully frozen during the pendency of investigation. The Court accepted the consensus and directed that the account be released for operation, while safeguarding the amount of Rs.43,254/- stated to be involved in the disputed fraudulent transaction. The petitioner was required to cooperate with the bank authorities and investigating agencies and to keep the account open until permitted otherwise. The Bank was also left free to transfer the disputed amount to the account from which it had been credited.

Conclusion: The bank account was directed to be de-frozen and made operable, subject to freezing of the disputed amount and the petitioner's continued cooperation with the investigation.

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