The Enforcement Directorate (ED) Friday got the Supreme Court nod to attach JP Morgan’s properties in India for allegedly colluding with real estate group Amrapali to divert funds of the homebuyers in violation of foreign investment rules.
This came after Additional Solicitor General Sanjay Jain, appearing for the agency, told a bench of Justices Arun Mishra and U U Lalit that it had prima facie identified Rs 187 crore in the accounts of JP Morgan, as proceeds of crime under the Prevention of Money Laundering Act and sought permission to attach properties towards recovery.
The bench also asked whether the Centre can provide loan of Rs 500 crore to the National Building Construction Corporation which has been given charge of completing the unfinished projects of the beleaguered real estate group. The court said it is asking as there is no private player involved and the stalled projects. Additional Solicitor General Vikramjeet Banerjee told the bench that he will seek instructions in this regard
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