PMLA : Where enforcement directorate attached properties mortgaged with consortium of banks on loan account of three companies, since these properties were purchased by accused/mortgagors before sanctioning of loan, no case of money laundering was made out against banks that had sanctioned amount which was untainted and pure money. The bank has priority on assets of secured creditors to recover loan amount/debts by sale of assets over which security interest is created, which remains unpaid.
from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000182832/properties-mortgaged-with-banks-prior-to-date-of-offence-couldn’t-be-attached-under-money-laundering-act.aspx
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