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2018 (11) TMI 97 - ATPMLAOffence under PMLA - provisional attachment orders - mortgaged property in favour of the appellant bank - 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 right to recover the loan amount/debts by sale of assets over which security interest is created, which remains unpaid. The 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. In the present appeal, this Tribunal is concerned with only mortgaged property in favour of the appellant bank. As far as the criminal proceedings and complaint under PMLA, 2002 are concerned against the borrower, the same have to be decided by the Special Court in accordance with the law. With regard to impugned order is concerned where this Tribunal is only to examine as to whether the PAO has been rightly passed as per law or not. In view of settled law on this aspect, the respondent no. 1 and adjudicating authority has not considered the Judgement of Supreme Court, High Courts and final orders passed by this Tribunal. Considering the facts of this case as well as settled law on the subject,the impugned order dated 4.12.2017 is liable to be set aside. Consequently,the PAO dated 11.5.2016 is also quashed with regard to the mortgaged property of the appellant. The borrowers are restrained not to deal with thes aid properties directly or indirectly.
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