ENFORCEMENT DIRECTORATE PERMITTED TO ATTACH THE ASSETS OF JP MORGAN TO THE EXTENT OF MONEY DIVERTED FROM AMRAPALI HOMEBUYERS

 

Last year Supreme court has ordered for the cancellation of RERA Registration of Amrapali group, as there were huge complaints of Diversion of the money paid by Homebuyers. Nearly 42000 flat buyers were waiting for possession of the flats after payment of huge amount of sale consideration. Nether the development was done nor flat was handed over to the Homebuyers.  Thus Home Buyers group has approached the Supreme Court in this regard.

In the meanwhile there were also allegations that the Amrapali group has diverted the Money to JP Morgan. The Supreme court has kept an embargo to the ED as to not to attach the assets of JP Morgan. That know the ED has provided Sufficient document in support of diversion of funds from Amrapali group to JP Morgan through the account. Hence Supreme Court has given permission to Enforcement Directorate (ED) which has identified that an amount of Rs.187 crores has been diverted to JP Morgan by Amrapali group from the amount paid by Amrapali Homebuyers in violation of Foreign Exchange Management Act & FDI Norms.

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