The bench has consequently asked valuers to explain the transactions executed by JP Morgan Real Estate fund and Amrapali Group, including how these shares were sold to two little-known companies — ‘Neelkant’ and ‘Rudraksh’ — for Rs 140 crore. The real estate arm of US bank JPMorgan is under investigation from India's Supreme Court over its investment in the Amrapali Group; the firm's Real Estate fund is in hot water after the country's forensic auditors examined the property developer's books and found that the fund executed an INR850m ($1.2m) transaction to purchase Amrapali shares before making INR1.4bn through their sale to the Indian firm's subsidiaries, both owned by Chandan Kumar, an employee of the company's auditing office. In a statement on Monday, JP Morgan's India head Amit Desai said his firm was "fully cooperating" with authorities investigating the deal.
The real estate arm of US bank JPMorgan is under investigation from India's Supreme Court over its investment in the Amrapali Group; the firm's Real Estate fund is in hot water after the country's forensic auditors examined the property developer's books and found that the fund executed an INR850m ($1.2m) transaction to purchase Amrapali shares before making INR1.4bn through their sale to the Indian firm's subsidiaries, both owned by Chandan Kumar, an employee of the company's auditing office. In a statement on Monday, JP Morgan's India head Amit Desai said his firm was "fully cooperating" with authorities investigating the deal.