Supreme Court gives nod for seizing JPMorgan’s assets in Amrapali case

By VARINDIA - 2020-01-15

Supreme Court gives nod for seizing JPMorgan’s assets in Amrapali case

The federal anti-money laundering agency got the nod from India’s Supreme Court to seize assets of JPMorgan Chase & Co.’s India unit, if needed. The company has allegedly violating foreign investment rules, according to a lawyer who was part of the proceedings.

 

In July, The court asked Enforcement Directorate to probe JPMorgan’s role in allegedly helping property developer Amrapali Group divert 1.4 billion rupees ($20 million) from realty projects. After the agency asked for permission from the court to take further steps against JPMorgan, said Senior Advocate M.L. Lahoty, who represents home buyers in the case.

 

It is not clear what assets can be seized and a copy of the court’s order is awaited. The court will hear the case again on Feb. 17. Under Indian laws, the bank is allowed to seek a review of the ruling by the top court and also challenge the seizure of assets, when that is done.

 

Once among India’s largest real estate companies, Amrapali Group, based in Noida near New Delhi, is facing a number cases filed by home buyers seeking completion of their flats or a refund. The group is among several other Indian real estate companies such as Jaypee Infratech Ltd. and Unitech Ltd. that are facing a similar fate after apartment sales slumped in the once red-hot South Asian market.

 

On the agency’s request, the court has also allowed interrogation of three directors of Amrapali group companies, Lahoty said.

 

JPMorgan allegedly invested around Rs 850 million in an Amrapali Group unit’s shares and later sold them to an office boy and nephew of the company’s auditor for Rs 1.4 billion, according to the July ruling published on the top court’s website.


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