https://www.taxtmi.com/caselaws?id=360678 Properties acquired before the alleged laundering activity and mortgaged to a bank in the ordinary course of lending were not shown to have any nexus with the scheduled offence, so they could not be treated as proceeds of crime under PMLA. The Tribunal also applied the amended secured debt recovery framework and harmonious construction to hold that a bona fide secured creditor's prior security interest under SARFAESI and the debt recovery law prevails over PMLA attachment on these facts. As a result, the provisional attachment and its confirmation could not be sustained against the bank's mortgaged assets. en-us Wed, 16 May 2018 00:00:00 +0530 Mon, 21 May 2018 10:40:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360678 Properties acquired before the alleged laundering activity and mortgaged to a bank in the ordinary course of lending were not shown to have any nexus with the scheduled offence, so they could not be treated as proceeds of crime under PMLA. The Tribunal also applied the amended secured debt recovery framework and harmonious construction to hold that a bona fide secured creditor's prior security interest under SARFAESI and the debt recovery law prevails over PMLA attachment on these facts. As a result, the provisional attachment and its confirmation could not be sustained against the bank's mortgaged assets. Case-Laws Money Laundering Wed, 16 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360678