Smt. Kalpana Sharma vs M/S Sar Wave Financial Office No 30 31

NEUTRAL CITATION NO. 2026:MPHC-GWL:26659
1 WP-4333-2026
IN THE HIGH COURT OF MADHYA PRADESH
AT GWALIOR

BEFORE
HON'BLE SHRI JUSTICE PAVAN KUMAR DWIVEDI
rd
ON THE 3 OF SEPTEMBER, 2026
WRIT PETITION No. 4333 of 2026
SMT. KALPANA SHARMA
Versus
M/S SAR WAVE FINANCIAL OFFICE NO 30 31 AND OTHERS
Appearance:
Shri D. S. Rajawat - Advocate for the petitioner.
Shri Yash Sharma, learned counsel for the respondent .
Smt.Monika Mishra Ga, learned counsel for the respondent .
ORDER
This writ petition has been preferred by the petitioner under Article
226 of the Constitution of India praying for the following reliefs:
"(1) That, respondent authority may kindly be directed to consider the case of petitioner and
removed the hold from the account of petitioner bearing no. 4375417350 forthwith.
(II) That, other relief doing justice including cost be ordered."
2. Learned counsel for the petitioners has submitted that the case of the
petitioners is squarely covered by the decision rendered by this Court in the
case of Malcolm Murayis & Ors. Vs. State Bank of India and Others
Malcolm Murayis & Ors. Vs. State Bank of India and Others passed in W.P.
No.1100 of 2024 dated 26.04.2024.
3. So far as the decision rendered in the case of Malcolm Murayis
(supra) is concerned, the same reads as under:-
"1] This order shall also govern the disposal of W.P. Nos.1100/2024 and 1185/2024 as in both the
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SHASHANK
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2:07:02 PM

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petitions identical reliefs have been sought by the parties.
2] These petitions have been filed by the petitioners under Article 226 of the Constitution of India

seeking the following reliefs:-
“a) This petition may kindly be allowed with cost.
b) To direct the Respondent No. 2 thereby directing Respondents to remove the
hold/freeze on the Bank account of petitioners.
c) Issue such other orders, writ, and direction as this Hon’ble court deems fit in the
interest of justice in favour of petitioner.”
3] The grievance of the petitioners is that they are engaged in trading of crypto and virtual
currency, and having their bank accounts with State Bank of India and ICICI Bank, which have
been freezed all of a sudden, only on the intimation sent by the cyber cells of the various police
stations, viz., respondent Nos.3 to 9, to freeze the aforesaid account on the allegation that the
accounts are involved in some cyber fraud. The amounts of which have also been disclosed, as to
how much of the amount is credited in the account of the petitioners, which are linked to cyber
crime/fraud.
4] Counsel for the petitioners has submitted that the petitioners have never received any notice
from any police station regarding their involvement in any such offence, and even otherwise, they
are lawfully carrying out their business of trading, and it appears that some person who was
involved in fraud has transacted through the petitioners. Thus, it is submitted that the petitioners
may be allowed to operate their bank account, and so far as the amount which is said to be
credited on account of the cyber fraud, it is submitted that it may be kept in separate fixed
deposits so that the same can be withdrawn as and when the clean chit is given to the petitioner.
Counsel has also submitted that none of the investigating agencies have complied with Section
102 of Cr.P.C. and have not informed the concerned Magistrate about such seizure. Thus, it is
submitted that the petition be allowed.
5] Counsel for the respondents Banks have submitted that the Banks have not freezed the account
of the petitioners on their own but only at the instructions of various cyber cell police stations,
and are bound by the instructions issued by such investigating authorities. Thus, it is submitted
that the appropriate orders may be passed.
6] Heard counsel for the parties and perused the record.
7] From the record, it is found that this Court vide its order dated 14/03/2024 has passed an
interim order in the following manner:-
“Heard on the question of admission and interim relief.
Let notice be issued to respondents No.3 to 9 in WP No.1100/2024 and respondents No.3 to 6 in
WP No.1185/2024 on payment of process fees within three working days, returnable within
further two weeks time, who are various police authorities and who have sent the requests to the
respondent No.1/SBI to freeze the account of the petitioners, alleging some cyber crime.
Since the notices have been served on respondent No.1 SBI by the aforesaid authorities through
email only, the notice of this petition shall also be sent to these authorities through their
respective emails, so as to expedite the matter.
On payment of separate process fees, the petitioners are also permitted to serve dasti notice to the
respondent No.3 ICICI Bank in WP No.1185/2024, whereas the other respondents shall be served
through emails. Notice shall be returnable within two weeks time.
Shri Arpit Guru, learned counsel for the SBI is also directed to apprise the investigating agencies
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who are respondents No.3 to 9 in WP No.1100/2024 and respondents No.3 to 6 in WP
No.1185/2024 about the court's proceeding today, so that they can also submit their reply

expeditiously.
The respondents are directed to file their reply positively within further three weeks time.
As an interim measure, it is directed that till the next date of hearing, each of the petitioners shall
be allowed to withdraw Rs.50,000/- per month from their respective accounts.”
(emphasis supplied)
8] In compliance of the aforesaid order, State Bank of India has already sent emails to the
concerned cyber crime cell of various police stations but except the cyber crime cell of Banglore,
Karnataka / respondent No.4 in connected petition W.P. No.1185/2024, no other police station
has taken trouble to respond to the emails sent to them, which also demonstrates the poor
functioning and irresponsible approach of the said cyber crime cells of various States as on one
hand they had sent emails to the various banks to freeze certain accounts, and on the other hand
they are not willing to respond to the emails sent to them.
9] In such circumstances, this Court is inclined to dispose of this petition with a direction to the
respondents/Bank to keep the disputed amount as informed to them by various cyber crime
agencies, in fixed deposits, which shall be allowed to be liquidated only after the orders are
passed by the competent Judicial Magistrate within three months’ time as it is expected from the
cyber crime police to proceed in accordance with law under Section 102 of Cr.P.C., or any other
law on which they are relying upon, failing which the amount so kept in FDs may also be
allowed to be withdrawn by the petitioners under intimation to the cyber crime agencies.
10] With the aforesaid direction, the petitions stand disposed of."
4. On due consideration, this Court is of the considered opinion that
the decision rendered by this Court in the case of Malcolm Murayis (supra)
shall be applicable mutatis mutandis in the present case also.
5. In such circumstances, this Court is inclined to dispose off this
petition with a direction to the respondents/Bank to keep the disputed
amount as informed to it by the crime agencies in fixed deposits, which shall
be allowed to be liquidated only after the orders are passed by the competent
Judicial Magistrate within three months’ time as it is expected from the
Police agency to proceed in accordance with law under the relevant
provisions of the BNSS or any other law on which it is relying upon, failing
which the amount so kept in FD may also be allowed to be withdrawn by the
petitioner under intimation to the Police agency. In the present case also, the
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SHASHANK
Signing time: 9/5/2026
2:07:02 PM

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SBI bank account of the petitioner bearing Account

No.4375417350 respectively shall be unfrozen.
6. With the aforesaid direction, the petition stands disposed off.
(PAVAN KUMAR DWIVEDI)
JUDGE
neetu

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SHASHANK
Signing time: 9/5/2026
2:07:02 PM