https://www.taxtmi.com/caselaws?id=349973 Property acquired through genuine prior bank financing cannot be treated as proceeds of crime or its value unless a direct nexus with the alleged criminal activity is established. A vehicle purchased on loan funds before the alleged predicate offence was found untainted, so attachment under PMLA was unsustainable. The secured bank's hypothecation and enforcement rights were also protected because a prior valid security interest could not be displaced by attachment in the absence of proven taint. The provisional and confirmed attachment was quashed, and release of the vehicle was directed with liberty to recover outstanding loan dues according to law. en-us Wed, 25 Oct 2017 00:00:00 +0530 Sat, 28 Oct 2017 08:17:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349973 Property acquired through genuine prior bank financing cannot be treated as proceeds of crime or its value unless a direct nexus with the alleged criminal activity is established. A vehicle purchased on loan funds before the alleged predicate offence was found untainted, so attachment under PMLA was unsustainable. The secured bank's hypothecation and enforcement rights were also protected because a prior valid security interest could not be displaced by attachment in the absence of proven taint. The provisional and confirmed attachment was quashed, and release of the vehicle was directed with liberty to recover outstanding loan dues according to law. Case-Laws Money Laundering Wed, 25 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349973