https://www.taxtmi.com/caselaws?id=348249 Secured creditors' statutory priority under the SARFAESI regime was treated as prevailing over provisional attachment under the Prevention of Money-Laundering Act where the lenders were innocent of any scheduled offence or laundering activity. The mortgaged properties had been acquired and charged to the banks before the alleged criminal activity, so they lacked the necessary nexus with proceeds of crime as against the secured creditors. On that basis, the attachment could not be sustained against assets already validly mortgaged for bona fide lending transactions, and the provisional attachment and its confirmation were set aside. en-us Mon, 28 Aug 2017 00:00:00 +0530 Mon, 18 Sep 2017 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348249 Secured creditors' statutory priority under the SARFAESI regime was treated as prevailing over provisional attachment under the Prevention of Money-Laundering Act where the lenders were innocent of any scheduled offence or laundering activity. The mortgaged properties had been acquired and charged to the banks before the alleged criminal activity, so they lacked the necessary nexus with proceeds of crime as against the secured creditors. On that basis, the attachment could not be sustained against assets already validly mortgaged for bona fide lending transactions, and the provisional attachment and its confirmation were set aside. Case-Laws Money Laundering Mon, 28 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348249