SC allows attachment of JP Morgan property worth Rs 187 crore

Tribune News Service

New Delhi, May 23

The Supreme Court has permitted the Enforcement Directorate (ED) to attach assets of JP Morgan and their directors worth Rs 187 crore which was found to be proceeds of crime during a probe into Amrapali homebuyers’ case.

The order came from a bench headed by Justice Arun Mishra after Additional Solicitor-General Sanjay Jain submitted on behalf of the ED that the agency wanted the court’s permission to proceed against JP Morgan.

The money was allegedly diverted by Amrapali group in violation of norms.

Jain told the Supreme Court that ED investigation prima facie found Rs 187 crore to be proceeds of crime with JP Morgan and its directors, and as such, an attachment was required to be made to that extent.

“We lift the embargo created vide order dated December 2, 2019, not to attach the property of JP Morgan and its directors. We permit the Enforcement Directorate to attach the bank accounts of JP Morgan as well as any other property belonging to JP Morgan and its directors to the extent required,” the Bench ordered.

While deliberating on the proposals submitted by the court-appointed Receiver on expeditious completion of pending projects of Amrapali group, the Supreme Court asked ASG Vikramajit Banerjee to obtain instructions as to release an amount of Rs 500 crores by way of loan.

There was no private player and it was the NBCC which had been entrusted with the entire project, it noted.

The loan is to be arranged under the Government of India scheme to revive such housing projects so that work may start. On completion of the projects, the money is to be generated and the loan repaid.

It also asked Banerjee to obtain instructions with respect to waiver of GST amount to the tune of several hundred crores of rupees.