JP Morgan was engaged in transaction with the now defunct Amrapali Group to allegedly siphon off home buyers money.
The bench also allowed the ED to take into custody defunct group’s Chairman-cum-Managing Director Anil Kumar Sharma and other two directors, who are behind bars on the top court’s order for interrogation under alleged money laundering offences. The court said that the ED can take them into custody immediately and once interrogation is over, they can be put back into jail.
The ED said, it has prima facie found that there was violation of FEMA norms by the US-based JP Morgan and a complaint in this regard has been lodged.
A bench of Justices Arun Mishra and UU Lalit was told by the ED official that the MNC remitted the money back to the USA.