Amrapali Homebuyers Case: Supreme Court Allows Enforcement Directorate To Attach JPMorgan’s Assets 

The Supreme Court lifted its embargo to allow the Enforcement Directorate to attach JPMorgan India Pvt Ltd.'s assets worth Rs 187 crore in the Amrapali homebuyers case.

A top court bench headed by Justice Arun Mishra on Friday gave its go-head after Additional Solicitor General Sanjay Jain, representing the investigating agency, informed the court it has prime facie found alleged proceeds of crime made in favour of JPMorgan and its directors.

The action relates to alleged transactions between JPMorgan and developer Amrapali Group that could not deliver homes to thousands of buyers. The top court had in December placed an embargo on the assets of JPMorgan and its directors, protecting them from being attached.

In an emailed statement to BloombergQuint, JPMorgan said it intends to put up a “vigorous defence” against the claims. ‘'J.P. Morgan India Private Limited has neither invested in Amrapali Group companies nor received any proceeds from  Amrapali Group companies. We have an application pending to deal with these claims. Compliance with applicable laws, regulations and policies including foreign direct investment rules is fundamental to how we do business at J.P. Morgan and we always co-operate with any government or regulatory agency.”

JP Morgan India said in a statement on Wednesday that it has received the provisional May 26 attachment order by the Enforcement Directorate imposing a debit freeze to the tune of Rs 187.35 crore on one of its accounts.

Meanwhile, the top court also asked the central government to release a Rs 500-crore loan to complete Amrapali housing projects and either waive or keep GST dues in abeyance.

The Supreme Court will hear the matter next on May 27.