https://www.taxtmi.com/caselaws?id=364954 A prior and admitted security interest of bona fide secured banks over mortgaged properties cannot be displaced by PMLA attachment where the banks are not alleged to have participated in, assisted, or known of the laundering activity. The properties were acquired before the alleged criminal conduct, and the required nexus between the assets and the proceeds of crime was not shown in relation to the banks' security interest. In light of the secured creditor priority recognised under the SARFAESI and RDB regimes, the mortgaged assets could not remain under attachment, and the banks were entitled to enforce recovery of their dues. en-us Thu, 02 Aug 2018 00:00:00 +0530 Wed, 08 Aug 2018 08:04:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364954 A prior and admitted security interest of bona fide secured banks over mortgaged properties cannot be displaced by PMLA attachment where the banks are not alleged to have participated in, assisted, or known of the laundering activity. The properties were acquired before the alleged criminal conduct, and the required nexus between the assets and the proceeds of crime was not shown in relation to the banks' security interest. In light of the secured creditor priority recognised under the SARFAESI and RDB regimes, the mortgaged assets could not remain under attachment, and the banks were entitled to enforce recovery of their dues. Case-Laws Money Laundering Thu, 02 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364954