https://www.taxtmi.com/caselaws?id=369754 A pre-existing mortgage over property acquired before the alleged laundering activity could not be defeated by provisional attachment under the PMLA where the secured creditor was not involved in the scheduled offence and the property itself was not shown to be proceeds of crime. The text also states that the secured creditor's priority under the SARFAESI/RDDB framework must be given effect by harmonious construction, so a later PMLA attachment cannot override an innocent bank's prior secured interest. The bank's recovery rights over the mortgaged asset are therefore protected, and attachment against that property is unsustainable. en-us Mon, 22 Oct 2018 00:00:00 +0530 Fri, 02 Nov 2018 13:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369754 A pre-existing mortgage over property acquired before the alleged laundering activity could not be defeated by provisional attachment under the PMLA where the secured creditor was not involved in the scheduled offence and the property itself was not shown to be proceeds of crime. The text also states that the secured creditor's priority under the SARFAESI/RDDB framework must be given effect by harmonious construction, so a later PMLA attachment cannot override an innocent bank's prior secured interest. The bank's recovery rights over the mortgaged asset are therefore protected, and attachment against that property is unsustainable. Case-Laws Money Laundering Mon, 22 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369754