https://www.taxtmi.com/caselaws?id=359765 Properties mortgaged or hypothecated in favour of a secured bank, where the security interest predated the alleged criminal activity and the bank was not linked to the scheduled offence or money-laundering, could not be treated as proceeds of crime for provisional attachment under PMLA. The Tribunal emphasised that the bank had advanced funds in the ordinary course of business, the borrower's default was already under recovery proceedings, and PMLA must operate harmoniously with the Recovery of Debts and Bankruptcy Act and the SARFAESI Act, which give secured creditors priority over secured assets. The attachment and its confirmation were therefore unsustainable against the bank's secured properties. en-us Tue, 01 May 2018 00:00:00 +0530 Fri, 04 May 2018 08:49:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359765 Properties mortgaged or hypothecated in favour of a secured bank, where the security interest predated the alleged criminal activity and the bank was not linked to the scheduled offence or money-laundering, could not be treated as proceeds of crime for provisional attachment under PMLA. The Tribunal emphasised that the bank had advanced funds in the ordinary course of business, the borrower's default was already under recovery proceedings, and PMLA must operate harmoniously with the Recovery of Debts and Bankruptcy Act and the SARFAESI Act, which give secured creditors priority over secured assets. The attachment and its confirmation were therefore unsustainable against the bank's secured properties. Case-Laws Money Laundering Tue, 01 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359765