https://www.taxtmi.com/caselaws?id=359300 Property purchased and mortgaged before the alleged offence was not treated as "proceeds of crime" under PMLA because no nexus with money-laundering was shown, and the bank was an innocent secured creditor. The prior mortgage and enforcement steps under SARFAESI were held to have statutory priority, reinforced by the amended debt-recovery and security-interest provisions that give secured creditors precedence over competing attachment claims. On that basis, the provisional attachment and confirmation order were set aside, and the bank was allowed to proceed against the mortgaged properties in accordance with law, without affecting the criminal proceedings against the borrowers. en-us Tue, 06 Feb 2018 00:00:00 +0530 Fri, 27 Apr 2018 07:20:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359300 Property purchased and mortgaged before the alleged offence was not treated as "proceeds of crime" under PMLA because no nexus with money-laundering was shown, and the bank was an innocent secured creditor. The prior mortgage and enforcement steps under SARFAESI were held to have statutory priority, reinforced by the amended debt-recovery and security-interest provisions that give secured creditors precedence over competing attachment claims. On that basis, the provisional attachment and confirmation order were set aside, and the bank was allowed to proceed against the mortgaged properties in accordance with law, without affecting the criminal proceedings against the borrowers. Case-Laws Money Laundering Tue, 06 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359300