Mumbai: The special court under the Maharashtra Protection of Interest of Depositors (MPID) Act has rejected the plea of State Bank of India seeking to release the funds to the tune of Rs5 crore lying in the account attached by the police during a probe against M/s Peacock Media Ltd. The court said the funds held in the account would be useful to satisfy claims of around 298 depositors cheated by the firm on the pretext of high returns.

SBI Moves to Confiscate Rs 5.51 Crore from Peacock Media

The case against Peacock Media was registered in 2013 and the police had attached the firm’s bank account as well as its directors’ immovable properties. The prosecution claimed that the depositors lost funds to the tune of Rs4.13 crore. The SBI now approached the court to allow it to confiscate th

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