A JPMorgan Chase & Co unit violated India’s foreign investment rules and helped property developer Amrapali Group divert funds from realty projects, the nation’s Supreme Court said in a ruling and ordered an investigation.
The court on Tuesday ordered the federal anti-money laundering agency to investigate Amrapali, based in Noida, near New Delhi, for diverting funds overseas with the help of JPMorgan and others. The violations, based on a forensic audit, range from disregarding foreign investment norms, paying dividend without generating profits, setting up fake companies and overvaluing shares.
JPMorgan’s Singapore-based spokesman Chris Cockerill declined to comment. The biggest US