The Supreme Court on Thursday has directed JP Morgan to transfer an amount of 140 crore along with interest in UCO bank, from the accounts frozen by the Enforcement Directorate. A bench of Justices Arun Mishra and U U Lalit, which took up the matter for hearing through video conferencing, said that any claim of refunds by JP Morgan shall be subjected to final orders in the PMLA case registered against it.
The Apex Court had previously allowed the enforcement directorate to attach properties of J P Morgan in Amrapali case after being informed that Rs 187 crore have been detected as proceeds of crime.
The Supreme Court had ordered the cancellation of registration of Amrapali Group under RERA Act, and the projects were ordered to be completed by NBCC India Pvt Ltd.The top court had on June 3 directed the multi-national firm JP Morgan to deposit Rs 140 crore, allegedly siphoned off in contravention to the norms as per the forensic auditors report and last year’s order in the case.
It had said that the money would be used for completing the pending projects of now defunct Amrapali Group.
By – Shrija Chauhan of LCD