SC allows ED to attach assets of JP Morgan | ET Realty
A bench of Justices Arun Mishra and U U Lalit, which took up the matter through video conferencing, granted the permission to the ED to attach the properties of the multi-national firm, a senior lawyer associated with the case said.
NEW DELHI: The Supreme Court on Friday allowed Enforcement Directorate (ED) to attach properties of JP Morgan, which was engaged in transactions with the now-defunct Amrapali Group to allegedly siphon off home buyers money in violation of the Foreign Exchange Management Act (FEMA) and FDI norms.
The ED told the top court that it has prima facie identified Rs 187 Crores in the accounts of JP Morgan, as proceeds of crime under the Prevention of Money Laundering Act (PMLA) and it needs permission to attach its properties to recover the same.
A bench of Justices Arun Mishra and U U Lalit, which took up the matter through video conferencing, granted the permission to the ED to attach the properties of the multi-national firm, a senior lawyer associated with the case said.
Additional Solicitor General Sanjay Jain, appearing for ED told the bench that the probe agency has so far prima facie identified Rs 187 crore in the accounts of JP Morgan, which according to them are proceeds of crime under the anti-money laundering law.
He said that the top court had on December 2, last year restrained the agency from attaching any properties and therefore now it needs permission to attach them, in order to move ahead as per law.
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