https://www.taxtmi.com/caselaws?id=753880 The Bombay HC held that co-operative banks fall within the definition of "Financial Establishment" under Section 2(d) of the MPID Act, despite being regulated by the Banking Regulation Act. The court ruled that BR Act supervision by RBI does not exclude co-operative banks from MPID Act's scope, as BR Act lacks specific provisions for offences under IPC Sections 409, 420, 467, 468, and 471. Both Acts operate in different spheres - BR Act for regulatory control and MPID Act for criminal offences in financial fraud cases. The criminal writ petition was dismissed. en-us Mon, 06 May 2024 00:00:00 +0530 Thu, 13 Jun 2024 08:08:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753880 The Bombay HC held that co-operative banks fall within the definition of "Financial Establishment" under Section 2(d) of the MPID Act, despite being regulated by the Banking Regulation Act. The court ruled that BR Act supervision by RBI does not exclude co-operative banks from MPID Act's scope, as BR Act lacks specific provisions for offences under IPC Sections 409, 420, 467, 468, and 471. Both Acts operate in different spheres - BR Act for regulatory control and MPID Act for criminal offences in financial fraud cases. The criminal writ petition was dismissed. Case-Laws Indian Laws Mon, 06 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753880