The Enforcement Directorate (ED) has told the Supreme Court that the property investigation agency has seized Rs 187 crore of the multinational company JP Morgan involved in embezzlement of Amrapali Group home buyers. On the other hand, JP Morgan India refused to do anything wrong, saying that it is illegal for the ED to seize its property. Since it had no dealings with Amrapali group. This financial transaction is with JP Morgan Singapore and Mauritius.
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In its statement, a division bench of Justices Arun Mishra and UU Lalit has asked the Enforcement Directorate to give a brief reply to the concern raised by JP Morgan India. The bench has also reserved its decision on floor area ratio (FAR) which has assured Noida and Greater Noida Authority to provide financial assistance on such projects.
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Lawyer of JP Morgan India, Mukul Rohatgi said during the hearing that on Tuesday, the ED has seized the assets of JP Morgan India as per the directions of the Supreme Court. Rohatgi said that it is wrong to confiscate the assets of JP Morgan India as it never had anything to do with this real estate company. The companies are from Singapore and Mauritius which invested in the Amrapali Group. The bench said that the court is worried about JP Morgan, whose branches are spread all over the world. When a company has branches all over the world, it has to keep a complete account. The court said that it would like to hear the ED's brief reply on the arguments of JP Morgan India on the next hearing.
