https://www.taxtmi.com/caselaws?id=373023 A prior bona fide mortgage and registered security interest in favour of an innocent secured creditor may take priority over a later attachment under the Prevention of Money Laundering Act, 2002, particularly where statutory priority under Section 26E of the SARFAESI Act and Section 31B of the RDB Act applies. Provisional attachment also requires material showing a reason to believe that the property is proceeds of crime and may be dealt with to frustrate confiscation. Where the property pre-dated the alleged offence and was already encumbered in favour of the bank, the basis for attachment is not made out. The criminal proceedings against the borrowers may continue in accordance with law. en-us Wed, 02 Jan 2019 00:00:00 +0530 Sat, 05 Jan 2019 07:53:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373023 A prior bona fide mortgage and registered security interest in favour of an innocent secured creditor may take priority over a later attachment under the Prevention of Money Laundering Act, 2002, particularly where statutory priority under Section 26E of the SARFAESI Act and Section 31B of the RDB Act applies. Provisional attachment also requires material showing a reason to believe that the property is proceeds of crime and may be dealt with to frustrate confiscation. Where the property pre-dated the alleged offence and was already encumbered in favour of the bank, the basis for attachment is not made out. The criminal proceedings against the borrowers may continue in accordance with law. Case-Laws Money Laundering Wed, 02 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373023