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ED can attach JP Morgan's properties in Amrapali case, says SC
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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.
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