https://www.taxtmi.com/caselaws?id=276213 Property constituting proceeds of crime may be provisionally attached under the Prevention of Money Laundering Act even if it is mortgaged to a bank and the bank is not charged with the scheduled offence. The Tribunal treated the later proviso to sections 2(p), 2(u), 3 and 5 as clarificatory and held that attachment can extend to property in possession of any person where the property itself is linked to money laundering. Prior SARFAESI recovery steps did not bar attachment, because the two statutes operate in different fields: PMLA targets proceeds of crime, while SARFAESI is a debt-recovery mechanism. The mortgage was only an encumbrance, leaving the attachment power intact. en-us Wed, 06 Apr 2011 00:00:00 +0530 Wed, 02 Aug 2023 09:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276213 Property constituting proceeds of crime may be provisionally attached under the Prevention of Money Laundering Act even if it is mortgaged to a bank and the bank is not charged with the scheduled offence. The Tribunal treated the later proviso to sections 2(p), 2(u), 3 and 5 as clarificatory and held that attachment can extend to property in possession of any person where the property itself is linked to money laundering. Prior SARFAESI recovery steps did not bar attachment, because the two statutes operate in different fields: PMLA targets proceeds of crime, while SARFAESI is a debt-recovery mechanism. The mortgage was only an encumbrance, leaving the attachment power intact. Case-Laws Money Laundering Wed, 06 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276213