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2017 (11) TMI 1499 - AT - Money LaunderingPMLA proceedings against banks - bonafide conduct of banks - attached property was purchased much prior to the period when the facility of offending loans were sanctioned to the borrowers - Held that:- As decided in State Bank of India and Ors. Vs. The Joint Director, Directorate of Enforcement, Kolkata [2017 (8) TMI 754 - ATPMLA] at somewhat similar situation held that in the conduct of the banks are always bonafide. Both banks are innocent parties. There is no nexus whatsoever between the alleged crime and the two bank who are mortgagee of all the properties which were purchased before sanctioning the loan. Thus no case of money-laundering is made out against banks who have sanctioned the amount which is untainted and pure money. They have priority to the secured creditors to recover the loan amount/debts by sale of assets over which security interest is created, which remains unpaid. The said Judgment passed by us has not been considered and followed by the Adjudicating Authority. It is a very serious matter. The Authority is supposed to give due respect to the judgment of the higher Authority and Courts.
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