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2019 (1) TMI 188 - AT - Money LaunderingProvisional attachment - attachment of Penthouse No. 2001/2101 jointly owned by Bimal Ramgopal Agarwal and his wife, Barkha Bimal Agarwal on the alleged ground that Bimal Agarwal derived or obtained proceeds of crime as a result of criminal activity relating to a scheduled offence by assisting the Joint Director in taking bribes/illegal gratifications - Held that:- The Appellant-Bank is an innocent party which is not involved in the money laundering directly or indirectly or assisted in any manner, any party or the said Predicate Offender-Bimal Ramgopal Agarwal and others; that the mortgaged property was also not purchased from the proceeds of crime; that the said property not being owned by Bimal Agarwal, cannot form the value of proceeds of crime. Thus, the question of provisional attachment order and confirmation thereof, does not arise and the Bank being the legal owner. Thus, the appellant is entitled to recover the amount if not paid, the same can be recovered from mortgaged of the said property by disposing the same as per court of law. The ED and Adjudicating Authority did not understand the real issue of the mortgages executed in favour of the Appellant - Bank by its Customer. The Bank had, while executing the mortgages in its favour, already parted with its own money as loans to its Customer-Shri Bimal Ramgopal Agarwal and his wife-Barkha Bimal Agarwal. The Impugned Order as well as the Provisional Attachment Order are set-aside qua the present appellant as the same are bad and passed against the law - appeal allowed - decided in favor of appellant.
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