 "Amrapali")
The Enforcement Directorate (ED) is probing the “ultimate beneficiaries” of the Amrapali group’s homebuyers’ money, allegedly diverted abroad through shell firms in collusion with investment banking firm JPMorgan India, according to an official at the federal agency.
Even though the ED is evaluating the Indian assets of JPMorgan India to make provisional attachment as directed by the Supreme Court, it has also found violations of provisions in relation to anti-money laundering laws.
This follows an investigation into violation of forex rules involving foreign direct investment of Rs 85 crore and Rs 140 crore by JPMorgan and Amrapali group firms (Amrapali Zodiac Developers,
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