https://www.taxtmi.com/caselaws?id=769805 The Appellate Tribunal under SAFEMA upheld provisional attachment of properties mortgaged to appellant banks in a money laundering case. The scheduled offence occurred from 2010-2017 with FIR registered in 2018. SBI sanctioned Rs. 8 Crore loans against two properties in 2015, while Axis Bank sanctioned Rs. 40 Crore against 14 properties. The tribunal noted potential collusion between bank officials and accused company directors required determination by Special Judge, PMLA Court. Banks as secured mortgagees may stake claims under sections 8(5)-8(8) of PMLA, 2002. The Adjudicating Authority's provisional attachment order was confirmed based on reasonable belief from complaint allegations and recorded statements. Appeal disposed. en-us Mon, 07 Apr 2025 00:00:00 +0530 Fri, 02 May 2025 08:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769805 The Appellate Tribunal under SAFEMA upheld provisional attachment of properties mortgaged to appellant banks in a money laundering case. The scheduled offence occurred from 2010-2017 with FIR registered in 2018. SBI sanctioned Rs. 8 Crore loans against two properties in 2015, while Axis Bank sanctioned Rs. 40 Crore against 14 properties. The tribunal noted potential collusion between bank officials and accused company directors required determination by Special Judge, PMLA Court. Banks as secured mortgagees may stake claims under sections 8(5)-8(8) of PMLA, 2002. The Adjudicating Authority's provisional attachment order was confirmed based on reasonable belief from complaint allegations and recorded statements. Appeal disposed. Case-Laws Money Laundering Mon, 07 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769805