Proceeds of crime and money laundering: PMLA prosecution requires subsisting predicate offence; discharge of predicate accused precludes further prose...
Validity of faceless assessment procedure challenged for jurisdictional AO intervention mid-remand, resulting in quashing of assessment for procedural...
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Attachment under the PMLA prevails over a secured creditor's claim to priority under the SARFAESI Act and the RDB Act, because the PMLA operates for confiscation of proceeds of crime and has an overriding effect. The Tribunal's view that the recovery statutes displaced PMLA attachment was unsustainable, and the release of the attached properties on that basis was set aside. Where attachment has been confirmed and the criminal process has commenced, a claimant with a legitimate interest must pursue release or restoration before the Special Court under section 8(8) of the PMLA. The respondent-Bank was therefore given liberty to seek that remedy, while factual issues on proceeds of crime were left open.
Attachment under the PMLA prevails over a secured creditor's claim to priority under the SARFAESI Act and the RDB Act, because the PMLA operates for confiscation of proceeds of crime and has an overriding effect. The Tribunal's view that the recovery statutes displaced PMLA attachment was unsustainable, and the release of the attached properties on that basis was set aside. Where attachment has been confirmed and the criminal process has commenced, a claimant with a legitimate interest must pursue release or restoration before the Special Court under section 8(8) of the PMLA. The respondent-Bank was therefore given liberty to seek that remedy, while factual issues on proceeds of crime were left open.
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