https://www.taxtmi.com/caselaws?id=360361 A bona fide secured creditor's prior mortgage interest may prevail over PMLA attachment where the properties were created as security before the alleged scheduled offence and the creditor is not shown to have any nexus with money laundering. The Tribunal also required proof that the attached properties themselves were proceeds of crime; in the absence of material showing acquisition from criminal funds, provisional attachment could not be confirmed. On those facts, the attachment over the two mortgaged properties was set aside and the bank was left to pursue its secured recovery remedies. en-us Thu, 10 May 2018 00:00:00 +0530 Wed, 16 May 2018 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360361 A bona fide secured creditor's prior mortgage interest may prevail over PMLA attachment where the properties were created as security before the alleged scheduled offence and the creditor is not shown to have any nexus with money laundering. The Tribunal also required proof that the attached properties themselves were proceeds of crime; in the absence of material showing acquisition from criminal funds, provisional attachment could not be confirmed. On those facts, the attachment over the two mortgaged properties was set aside and the bank was left to pursue its secured recovery remedies. Case-Laws Money Laundering Thu, 10 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360361