https://www.taxtmi.com/caselaws?id=390211 Property acquired before the alleged scheduled offence was found not to be derived from criminal activity and therefore could not be treated as proceeds of crime under the Prevention of Money Laundering Act, 2002. Where the property had already been mortgaged to a bank for valuable consideration, the mortgagor retained only the equity of redemption, and the bank's prior independent security interest could not be ignored for attachment purposes. On those facts, the provisional attachment and confirmation order were unsustainable, and the challenge to their setting aside failed. en-us Wed, 11 Dec 2019 00:00:00 +0530 Thu, 05 Nov 2020 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390211 Property acquired before the alleged scheduled offence was found not to be derived from criminal activity and therefore could not be treated as proceeds of crime under the Prevention of Money Laundering Act, 2002. Where the property had already been mortgaged to a bank for valuable consideration, the mortgagor retained only the equity of redemption, and the bank's prior independent security interest could not be ignored for attachment purposes. On those facts, the provisional attachment and confirmation order were unsustainable, and the challenge to their setting aside failed. Case-Laws Money Laundering Wed, 11 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390211