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Property mortgaged with bank prior to commissioning of money laundering offence couldn't be attached u/s. 5 of PMLA

July 16, 2019[2019] 107 102 ((PMLA-AT), NEW DELHI)

FEMA, BANKING & INSURANCE: Where in order to avail loan facilities, properties were mortgaged by borrowers with appellant bank much prior to alleged date of commission of offence of money laundering, properties so mortgaged could not be said to have been acquired out of 'proceeds of crime' as defined in section 2(1)(u) and, therefore, same could not be attached under section 5

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