New Delhi : The Enforcement Directorate (ED) has arrested Manoj Gaur, Managing Director of Jaypee Infratech Ltd (JIL), in connection with a Rs 12,000-crore money laundering case. Gaur was taken into custody under the Prevention of Money Laundering Act (PMLA) after investigators alleged his involvement in the diversion and misuse of funds collected from homebuyers.
The probe focusses on suspected fund diversion from housing projects, primarily affecting thousands of homebuyers who had invested in the company’s real estate ventures but never received possession of their flats. The money laundering probe stems from multiple First Information Reports (FIRs) filed in 2017 after widespread protests by homebuyers.
The alleged fraud includes funds raised for prominent projects such as Jaypee Wishtown and Jaypee Greens, where buyers were promised homes that were never delivered. Many of these flats were sold as early as 2010–11, but construction delays and alleged misappropriation of funds left investors without possession for years.
As part of the ongoing probe, the ED conducted searches at 15 locations connected to Jaypee Infratech, Jaiprakash Associates, and related companies across Delhi, Noida, Ghaziabad, and Mumbai. Investigators also searched the offices of other real estate companies that reportedly had financial dealings with Jaypee, including Gaursons India Pvt., Gulshan Homz Pvt., and Mahagun Real Estate Pvt.
The company was admitted to insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) in 2017, after failing to deliver thousands of housing units. Since then, multiple attempts have been made to resolve its debt through the National Company Law Tribunal (NCLT), with several developers and financial institutions expressing interest in taking over its assets.
Read Also : Wave of Bomb Hoaxes Puts Airport Security on High Alert Across India
-
-
-
-
