https://www.taxtmi.com/caselaws?id=369844 A mortgaged asset acquired and charged to banks before the alleged offence, and not shown to be proceeds of crime, could not be sustained in attachment under the Prevention of Money Laundering Act, 2002. The Tribunal held that PMLA attachment targets property derived from or involved in money laundering, and that a bona fide secured creditor's prior mortgage cannot be displaced on the existing record. It further applied the amended SARFAESI Act and Recovery of Debts and Bankruptcy Act provisions giving secured creditors priority and overriding effect, so the mortgaged property had to be released from attachment, while the proceedings against the borrowers otherwise continued. en-us Wed, 31 Oct 2018 00:00:00 +0530 Sat, 03 Nov 2018 13:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369844 A mortgaged asset acquired and charged to banks before the alleged offence, and not shown to be proceeds of crime, could not be sustained in attachment under the Prevention of Money Laundering Act, 2002. The Tribunal held that PMLA attachment targets property derived from or involved in money laundering, and that a bona fide secured creditor's prior mortgage cannot be displaced on the existing record. It further applied the amended SARFAESI Act and Recovery of Debts and Bankruptcy Act provisions giving secured creditors priority and overriding effect, so the mortgaged property had to be released from attachment, while the proceedings against the borrowers otherwise continued. Case-Laws Money Laundering Wed, 31 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369844