ED gets go-ahead to attach assets of JP Morgan

New Delhi, May 23

The Supreme Court has permitted the Enforcement Directorate (ED) to attach Rs 187-crore assets of JP Morgan, which was engaged in transactions with now defunct Amrapali Group to allegedly siphon off homebuyers’ money in violation of money laundering and FDI norms.

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

“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 ED to attach the bank accounts and any other property belonging to JP Morgan,” the Bench ordered.

While deliberating on the proposals submitted by the court-appointed receiver on the completion of pending projects of Amrapali Group, the SC asked ASG Vikramajit Banerjee to obtain instructions regarding the release of Rs 500 crore by way of loan. — TNS