Home Case Index All Cases Money Laundering Money Laundering + AT Money Laundering - 2018 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 1011 - AT - Money LaunderingOffence under PMLA - attachment order of mortgaged property - PMLA enactment as subsequent to the SARFAESI Act - properties in question have been mortgaged with the appellants much prior to commission of alleged offences - Held that:- The properties in question have been mortgaged with the appellants much prior to commission of alleged offences. The main allegation against the SSIL and Shri G. EswaraRao is that around a sum of ₹ 5,30,55,500/- have been paid to Respondent no.4 Company by Respondent no.2 Company in February, 2009 as share application money against which no shares were allotted as such the properties of Respondent no.4 has been termed as proceeds of crime and the property in question in the present appeals have been attached as value thereof. The properties in question which are already under mortgaged and under personal guarantee with the appellants cannot be attached as value thereof. Since right of appellantshave already been created over the questioned properties after being mortgaged and under personal guarantee of said properties with them. It is further gathered from the materials on record that the appellants have already initiated proceedings under SARFAESI Act against the properties of Respondent no. 4 Company and Shri G. EswaraRao due to nonpayment of loan advanced by the appellants. In view of the aforesaid reasons we are of the view that the appellants who are mortgagees of the properties in question which were purchased before sanctioning the loan, no case of money laundering is made out so far as these properties in question are concerned. The appellants have priority of right to recover the loan amount/debts. In the given facts and circumstances of the case, the Provisional Attachment in the present matter is bad and against the law. In the circumstances the allegation of money laundering, prima facie, so far as present appellants and properties are involved in these appeals are concerned, we find that the impugned order is not sustainable under law, for the purpose of attachment under the PMLA, 2002. We have not gone into other legal issues such as retrospective application of provisions of PMLA. We set aside the impugned order passed by Adjudicating Authority. The mortgaged properties attached so far as properties concerned in these appeals, are released from attachment forthwith.
|