India’s Money Laundering Agency Finds Proceeds in JPMorgan Case
Residential buildings at an Amrapali Group development in Noida, Uttar Pradesh, India
Photographer: Anindito Mukherjee/BloombergA federal investigation agency in India said it had preliminary evidence that units of JPMorgan Chase & Co. were involved in crimes generating 1.87 billion rupees ($24 million) in proceeds, raising the stakes in a months-long money laundering probe.
The anti-money laundering agency Enforcement Directorate informed the top court on Friday about the findings as part of an investigation into JPMorgan’s alleged role in financing the Amrapali group, once among India’s largest real estate companies. Assets belonging to the JPMorgan unit, including bank accounts, could be seized, according to the order posted on the court’s website Friday, formalizing a ruling it first made in January.