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ED attaches assets worth Rs 400 crore in Jaypee Group money laundering case

New Delhi, Jan 7 (UNI) The Enforcement Directorate (ED), Delhi Zonal Office, today said it has attached immovable assets worth Rs 400 crore belonging to Jaiprakash Sewa Sanstha and Page 3 Buildtech Private Limited. The agency stated that the attachment is part of an ongoing money laundering investigation involving Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL), and associated entities, concerning large-scale fraud and misappropriation of funds collected from homebuyers for the Jaypee Wishtown and Jaypee Greens projects. The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA) based on multiple First Information Reports registered by the Economic Offences Wings (EOW) of Delhi and Uttar Pradesh Police.

Central India's Premier English Daily

Central India's Premier English Daily

Credit: Centralchronicle

Key Highlights

  • These FIRs were filed on complaints from homebuyers alleging criminal conspiracy, cheating, and criminal breach of trust by JIL, JAL, and their promoters/directors, including Manoj Gaur.
  • The complaints alleged that funds collected from thousands of homebuyers for construction were diverted for other purposes, leaving projects incomplete and buyers defrauded.
  • The ED’s investigation revealed that out of approximately Rs 14,599 crore collected by JAL and JIL from over 25,000 homebuyers (as per claims admitted by the NCLT), substantial amounts were diverted for non-construction purposes and siphoned off to related group entities.
  • These entities include Jaypee Sewa Sansthan (JSS), Jaypee Healthcare Ltd.
  • (JHL), and Jaypee Sports International Ltd.
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Sources

  1. ED attaches assets worth Rs 400 crore in Jaypee Group money laundering case

This quick summary is automatically generated using AI based on reports from multiple news sources. The content has not been reviewed or verified by humans. For complete details, accuracy, and context, please refer to the original published articles.

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