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ED digs deeper into Amrapali-JPMorgan case, probes 'ultimate beneficiaries'

Amrapali group's assured returns to JPMorgan under foreign direct investment were unauthorised in nature, find ED

Shrimi Choudhary  |  New Delhi 

The Enforcement Directorate (ED) is probing the “ultimate beneficiaries” of the Amrapali group’s homebuyers’ money, allegedly diverted abroad through shell firms in collusion with investment banking firm JPMorgan India, according to an official at the federal agency.

Even though the ED is evaluating the Indian assets of JPMorgan India to make provisional attachment as directed by the Supreme Court, it has also found violations of provisions in relation to anti-money laundering laws. This follows an investigation into violation of forex rules ...

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First Published: Thu, January 16 2020. 01:40 IST
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