In this article the author analyzes a landmark Supreme Court of India case on the issue of quashing criminal proceedings emanating out of bank fraud. The Court explains the difference between the administrative activities of banks implemented in accordance with RBI Master Directions and a criminal inquiry, and the fact that the quashing of the former will not nullify a criminal proceeding as such. It emphasizes the inapplicability of natural justice during the process of filing FIR and remits cases to be remanded back to be decided afresh.