https://www.taxtmi.com/caselaws?id=366454 Bona fide mortgaged property acquired before the alleged laundering and unconnected with the scheduled offence cannot be treated as proceeds of crime, so provisional attachment and confirmation against the bank's secured assets were unsustainable. The Tribunal also held that the statutory priority given to secured creditors under SARFAESI and the RDB Act prevails over competing claims where the security interest was created before attachment and the assets were not shown to be tainted. On this reasoning, the attachment was set aside as to the bank's mortgaged properties, and the bank was left free to recover its dues according to law. en-us Fri, 17 Aug 2018 00:00:00 +0530 Tue, 04 Sep 2018 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366454 Bona fide mortgaged property acquired before the alleged laundering and unconnected with the scheduled offence cannot be treated as proceeds of crime, so provisional attachment and confirmation against the bank's secured assets were unsustainable. The Tribunal also held that the statutory priority given to secured creditors under SARFAESI and the RDB Act prevails over competing claims where the security interest was created before attachment and the assets were not shown to be tainted. On this reasoning, the attachment was set aside as to the bank's mortgaged properties, and the bank was left free to recover its dues according to law. Case-Laws Money Laundering Fri, 17 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366454