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2018 (2) TMI 413 - AT - Money LaunderingAttachment orders - offence under PMLA - Held that:- There is no nexus whatsoever between the alleged crime and the Bank who is mortgagee of the properties in question which were purchased before sanctioning the loan. Thus no case of money-laundering is made out against Bank who has sanctioned the amount which is untainted and pure money. They have priority to recover the loan amount/debts by sale of assets over which security interest is created, which remains unpaid. The Ld. Adjudicating Authority has not appreciated the facts and law involved in the matter and the primary objective of section 8 of PMLA is that the Adjudicating Authority to take a prima facie view on available material and facts produced. The contentions raised by Mr. Neeraj Atri, Advocate has no substance. The provisional attachment in the present matter is bad and against the law. In the circumstances available in the present case, the allegation of money laundering prima facie, so far as present appellant & properties involved in this appeal, found to be unsustainable for the purpose of attachment under the PMLA, 2002. We set aside the Impugned Order dated 30.05.2016 and the Provisional Attachment Order dated 08.12.2015. The mortgaged properties attached under the PAO 03/2015, so far as, properties concern in this appeal are released from attachment forthwith.
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