Consider JP Morgan objections: SC to ED

NEW DELHI: The Supreme Court on Wednesday asked the Enforcement Directorate to consider objections raised by JP Morgan India to the attachment of its bank accounts worth Rs 187 crore for suspected involvement in a money laundering case against real estate group Amrapali.
A bench led by Justice Arun Mishra took note of JP Morgan India’s submissions that it did not have a penny’s worth of investment in Amrapali and that it was JP Morgan Singapore and Mauritius which had invested funds in the real estate company. Further details are not available as a copy of the order is yet to be made available to the press. ED confirmed in the court that it had on Tuesday attached Rs 187 crore of properties of JP Morgan India.

Appearing for J P Morgan India, senior advocate Mukul Rohatgi claimed the attachment was “blatantly illegal” as the company did not have even a penny’s worth of investment in Amrapali and “had no dealings” with the developer that went bust last year.At its next hearing, the top court is expected to take a call on JP Morgan India’s application against the attachment, or let the due process take over before the special PMLA (Prevention of Money Laundering Act) court.

The ED is expected to soon file a charge sheet against JP Morgan India in the designated court.