https://www.taxtmi.com/caselaws?id=311580 A secured creditor's mortgage did not override PMLA attachment where the properties were prima facie found to be proceeds of crime and the mortgages were created later than the alleged fraudulent acquisition. The Tribunal held that SARFAESI proceedings and claims of bona fide third-party status did not justify release of the attached properties on these facts, so the attachment was upheld against the appellant. It further held that the attachment order disclosed sufficient material to form the required "reason to believe", and no legal infirmity was shown in the confirmation order. The challenge based on non-applicability of Section 3 also failed, and the confirmation of provisional attachment was sustained. en-us Thu, 31 Dec 2020 00:00:00 +0530 Thu, 04 Jan 2024 05:33:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311580 A secured creditor's mortgage did not override PMLA attachment where the properties were prima facie found to be proceeds of crime and the mortgages were created later than the alleged fraudulent acquisition. The Tribunal held that SARFAESI proceedings and claims of bona fide third-party status did not justify release of the attached properties on these facts, so the attachment was upheld against the appellant. It further held that the attachment order disclosed sufficient material to form the required "reason to believe", and no legal infirmity was shown in the confirmation order. The challenge based on non-applicability of Section 3 also failed, and the confirmation of provisional attachment was sustained. Case-Laws Money Laundering Thu, 31 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311580