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ED can attach JP Morgan's properties in Amrapali case, says Supreme Court

Supreme Court allowed ED to attach properties of JP Morgan in Amrapali case, after the agency detected Rs 187 crore

JP Morgan Amrapali case ED

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  23 May 2020 11:30 AM GMT

New Delhi: The Supreme Court on Friday allowed the Enforcement Directorate (ED) to attach properties of JP Morgan in Amrapali case, after the agency detected Rs 187 crore as proceeds of crime.

A bench of Justices Arun Mishra and UU Lalit ordered attachment of the property of the company along with personal properties of its directors under section 5 of Prevention of Money Laundering Act.

Additional Solicitor General Sanjay Jain, representing the ED, contended before the bench that the officials of the agency have established the money trail, and the top court should modify its December 2019 order and allow the agency to attach the properties of JP Morgan and its directors.

In December 2019, the ED told the apex court it has found prima facie evidence, during its initial investigation, of the Foreign Exchange Management Act, 1999 (FEMA) violation against global firm JP Morgan in the Amrapali Group matter.

The ED, represented by Joint Director Rajeshwar Singh, had told the top court that it will wrap up its investigation on the multinational firm very soon, as it has recorded the statements of the country head of the company in connection with the firm's dealings with the now defunct Amrapali Group.

Kumar Mihir, advocate for homebuyers, said: "We are hopeful that ED will expeditiously recover the money of homebuyers fraudulently diverted by the directors of Amrapali group. We hope that this amount of 187 crore is recovered and used for construction of projects."

In January 2020, the Supreme Court had told the ED to attach the properties of the Mauritius-based JP Morgan if it fails to give response on depositing Rs 140 crore in the Amrapali group matter. (IANS)

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