NEW DELHI :
Days after the Supreme Court gave its go-ahead to the Enforcement Directorate to deepen its probe in the Amrapali group-JPMorgan India case, the agency is now investigating beneficiaries of the group’s homebuyers’ money, as per a report in the Business Standard.
The probe agency is now looking into the money trail of the Amrapali group’s homebuyers’ fund, which was allegedly diverted outside India through various shell companies in collusion with investment banking firm JPMorgan India, the news report said.
The probe agency’s move comes in the wake of the Supreme Court on Monday directing the Enforcement Directorate to attach Indian properties of JP Morgan, which engaged in transaction with the now defunct Amrapali group to allegedly siphon off home buyers’ money in violation of the Foreign Exchange Management Act (FEMA) and FDI norms.
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.
As per the share subscription agreement, JP Morgan had invested ₹85 crore on October 20, 2010 to have a preferential claim on profits in the ratio of 75% to JP Morgan and 25% to promoters of Amrapali Homes Project Private Limited and Ultra Home.
The apex court also allowed the ED to take into custody the group’s CMD Anil Kumar Sharma and directors Shiv Priya and Ajay Kumar, who are behind bars on the top court’s order, for interrogation under alleged money laundering offences.
PTI contributed to this story.