RAHUL CHARI Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) The petitioners are before this Court calling in question order dtd. 23/12/2021 passed by the I Additional Chief Metropolitan Magistrate, Bengaluru in Crime No.256 of 2021 whereby the amount from the personal account of the 1st petitioner is transferred to the account of the 2nd respondent.

(2.) Brief facts that lead the petitioners to this Court, as borne out from the pleadings, are as follows:-

(3.) The 2nd petitioner maintains a bank account with respondent No.3/Yes Bank Limited ('Nodal Account Bank' for short), a Banking Company established under the Companies Act, 1956. The Nodal Account Bank is expected to carry out business for the nodal account holder i.e., PhonePe which is for a special purpose created for receiving monies from the participating Banks and remitting to specific merchants, in terms of the Reserve Bank of India mandate. The 2nd petitioner is thus an intermediary receiving on line payments and those payments getting into nodal account and payments to the seller moving out from the nodal account instantaneously.