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Supreme Court asks ED to attach JP Morgan’s assets

Supreme Court asks ED to attach JP Morgan’s assets

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  14 Jan 2020 5:37 AM GMT

New Delhi: The Supreme Court on Monday told the Enforcement Directorate (ED) to attach JP Morgan’s properties if it failed to give response on depositing Rs 140 crore in the Amrapali Group case.

The homebuyers’ counsel contended before a Bench, headed by Justice Arun Mishra and comprising Justice U.U. Lalit, that there was no response from the multinational company on the issue.

When Justice Mishra asked the ED what it had done so far, the ED official responded by saying the preliminary investigation into the matter had been complete.

“What about the money they were required to deposit,” asked the apex court. “Why don’t you attach their (JPMorgan) properties to the extent it’s required (in accordance money, which is supposed to be deposited in the court), and then they will come to us,” said the court.

The court said the ED should take the necessary action and also noted no counsel representing JPMorgan was present in the court at the hearing.

The ED had earlier told the court it had found prima facie evidence of the Foreign Exchange Management Act, 1999 (FEMA) violation against JPMorgan in the Amrapali Group case.

The ED, represented by Joint Director Rajeshwar Singh, had said it would wrap up the probe into the multi-national company soon and submit the report in the apex court on the next hearing.

The ED said it had recorded statements of the company’s country head in connection with the firm’s dealings with the now defunct Amrapali Group.

Singh contended that though the investigation was ongoing, prima facie it was evident that the firm was involved in violations of the Prevention of Money Laundering Act (PMLA) and action would be taken accordingly. The Bench had asked the ED to conduct an unbiased investigation into the matter. (IANS)

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