SME Times is powered by   
Search News
Just in:   • Sensex, Nifty climb new highs, end at record closing levels  • Fuel prices rise again across the country; petrol costs Rs 102/ltr in Mumbai  • SBI launches 'Kavach Personal Loan' scheme for Covid patients  • Auto sales down by over 61% from May'19 levels  • G7: Johnson urges nations to seek more 'feminine' economic recovery 
Last updated: 22 May, 2020  

Supreme.Court.9.Thmb.jpg ED can attach JP Morgan's properties in Amrapali case, says SC

Supreme.Court.9.jpg
   Top Stories
» Auto sales down by over 61% from May'19 levels
» RBI to conduct third open market purchases G-SAP
» April IIP jumps on low base
» 'Full recovery of Indian economy likely only by Q3FY22'
» Agri exports jump to $ 41 billion despite pandemic
SME Times News Bureau | 22 May, 2020
The Supreme Court on Friday allowed the Enforcement Directorate (ED) to attach properties of J.P. Morgan in Amrapali case, after the agency detected Rs 187 crore as proceeds of crime.

A bench of Justices Arun Mishra and U.U. 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 J.P. 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 J.P. Morgan if it fails to give response on depositing Rs 140 crore in the Amrapali group matter.

The homebuyers' counsel said according to the court verdict, the multinational company invested around Rs 85 crore ($12.3 million) in an Amrapali Group company's shares and later sold them to an office boy and nephew of the auditor for Rs 140 crore. The top court had directed the agency to recover the amount without waiting for its order, and emphasised the investigation against J.P, Morgan should come to a logical conclusion. A

A senior official of ED had said that it will soon initiate proceedings under PMLA against both J.P. Morgan and Amrapali Group. J.P. Morgan had refuted allegations of violation of any law in investing in Amrapali Group, and later selling its stake.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Jun, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» The Silk Road - A journey through history(4)
» Direct selling industry has potential to grow exponentially: QNet Ltd. Regional Director(2)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter