https://www.taxtmi.com/caselaws?id=362725 Bona fide mortgaged properties acquired before the alleged laundering activity, and financed through legitimate bank lending, could not be treated as proceeds of crime under PMLA merely because the borrower was under investigation. The Tribunal also applied the later statutory priority given to secured creditors under SARFAESI and the Recovery of Debts and Bankruptcy Act, holding that the recovery rights of innocent banks prevailed over inconsistent PMLA attachment in the facts considered. On that basis, the attachment against the secured assets was not sustainable, and the property acquired in 1994 was outside the Act's reach. en-us Thu, 28 Jun 2018 00:00:00 +0530 Mon, 02 Jul 2018 09:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362725 Bona fide mortgaged properties acquired before the alleged laundering activity, and financed through legitimate bank lending, could not be treated as proceeds of crime under PMLA merely because the borrower was under investigation. The Tribunal also applied the later statutory priority given to secured creditors under SARFAESI and the Recovery of Debts and Bankruptcy Act, holding that the recovery rights of innocent banks prevailed over inconsistent PMLA attachment in the facts considered. On that basis, the attachment against the secured assets was not sustainable, and the property acquired in 1994 was outside the Act's reach. Case-Laws Money Laundering Thu, 28 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362725