Court Favors Depositors: APPDFE Act Triumphs Over PMLA in Asset Distribution Conflict, Quashes Attachment Orders.

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....Money Laundering - proceeds of crime - Provisional attachment of properties - Interest of Depositors - The High court recognized the primary aim of the APPDFE Act to protect depositors by ensuring the assets amassed through fraudulent schemes are distributed equitably among them. The court observed that the PMLA, although a central legislation with overriding effect, does not prioritize the restitution of defrauded depositors, focusing instead on the confiscation of assets involved in money laundering. - The court emphasized that the interests of depositors would be better served under the APPDFE Act, which explicitly provides for the equitable distribution of assets to depositors. It noted that allowing the continuation of attachments under the PMLA could impede this objective. - The court quashed the provisional attachment orders issued by the ED.....