ED gets go-ahead to attach Rs187-cr JP Morgan assets

Amrapali homebuyers’ case

JP Morgan was engaged in transactions with Amrapali Group, which is not defunct, to allegedly siphon off homebuyers’ money in violation of money laundering laws and FDI norms

Tribune News Service

New Delhi, May 23

The Supreme Court (SC) has permitted the Enforcement Directorate (ED) to attach assets of JP Morgan and its directors worth Rs 187 crore, which was found to be proceeds of crime during a probe into the 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 court’s permission to proceed against JP Morgan.

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

Jain told the top court that the ED investigation prima facie found Rs 187 crore to be proceeds of crime with JP Morgan and its directors.

“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 and 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 the expeditious completion of pending projects of Amrapali Group, the top court asked ASG Vikramajit Banerjee to obtain instructions regarding the release of Rs 500 crore by way of loan.

There was no private player and it was the National Buildings Construction Corporation which had been entrusted with the entire project, it noted.

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

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