https://www.taxtmi.com/caselaws?id=363137 Property acquired before the alleged criminal activity and merely mortgaged to secure bank credit cannot be treated as "proceeds of crime" under the PMLA in the absence of any nexus with the laundering activity. The tribunal further noted that secured creditors' enforcement rights under SARFAESI and the Recovery of Debts and Bankruptcy Act, where security interests were created before attachment and no link to the alleged offence was shown, are entitled to statutory priority. On that basis, provisional attachment and its confirmation were set aside, and the banks were left free to continue recovery in accordance with law. en-us Thu, 28 Jun 2018 00:00:00 +0530 Mon, 09 Jul 2018 08:23:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363137 Property acquired before the alleged criminal activity and merely mortgaged to secure bank credit cannot be treated as "proceeds of crime" under the PMLA in the absence of any nexus with the laundering activity. The tribunal further noted that secured creditors' enforcement rights under SARFAESI and the Recovery of Debts and Bankruptcy Act, where security interests were created before attachment and no link to the alleged offence was shown, are entitled to statutory priority. On that basis, provisional attachment and its confirmation were set aside, and the banks were left free to continue recovery in accordance with law. Case-Laws Money Laundering Thu, 28 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363137