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SC allows ED to attach JP Morgan's assets in FEMA violation case

JP Morgan 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

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ED told the top court that it had prima facie identified Rs 187 cr in the accounts of JP Morgan, as proceeds of crime under the Prevention of Money Laundering Act (PMLA)

Press Trust of India New Delhi

5 min read Last Updated : May 22 2020 | 10:43 PM IST

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

Topics : JP Morgan Amrapali Group Fema RERA PMLA

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