Allowed
FPA-PMLA-1148/KOL/2015 of Bansilal Credit Ltd. v/s The Joint Director Directorate of Enforcement, Kolkata
ATFPFPA-PMLA-1148/KOL/2015
Case brief
AI extract
What is this about?
The Tribunal held that properties mortgaged to banks prior to alleged fraud and acquired before the PML Act's enactment could not be termed proceeds of crime. The Court found no nexus between the alleged crime and the banks, which were innocent parties entitled to recover secured dues via SARFAESI. Consequently, attachment orders issued under the PML Act were set aside to protect the banking system, and the properties were released immediately.
What did the court decide?
Impugned Order dated 02.07.2015 and provisional attachment order dated 04.02.2015 set aside. All eight properties released from attachment forthwith.