Yep. Philip was in a pinch and the Templars had a lot of money. Think of it as a medieval ‘bail in’.
Most of them were imprisoned, facing charges while the Pope and the King of France wrangled over jurisdiction and charges. Of the ones seized, most were burned at the stake in 1310; three years after their arrest. The Grand Master, Jacques De Molay, was not staked until March of 1314.
Most of the Knights were actually cleared of the charges made against them and absorbed into other orders.