Amrapali: SC directs JP Morgan to transfer over Rs 140 cr to escrow account

The UCO bank, which has shown its inclination to provide loan had earlier told the court through court receiver that it can provide fund to tune of Rs 2000 crores

The Supreme Court on Thursday directed multi-national firm JP Morgan, accused of allegedly diverting Amrapali Group home buyers money, to transfer Rs 140 crore plus interest from its bank accounts attached by the Enforcement Directorate to the escrow account maintained by the UCO bank.

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