The Enforcement Directorate (ED) has arrested Manoj Gaur, Managing Director of Jaypee Infratech Ltd, in connection with a ₹12,000-crore money laundering and homebuyer fraud case.
What Happened
According to reports, the ED started an investigation after complaints that Jaypee Infratech and its group companies collected large amounts of money from homebuyers for housing projects but did not deliver the promised homes on time. Many buyers booked flats in projects like Jaypee Wishtown in Noida, but construction was delayed for years.
The investigation is being carried out under the Prevention of Money Laundering Act (PMLA). The ED has also searched offices and homes linked to Jaypee Infratech, Jaiprakash Associates Ltd, and other real estate companies.
What the ED Found
During the raids, officials reportedly seized around ₹1.7 crore in cash and several property and financial documents. The ED believes that funds collected from homebuyers were diverted for other purposes instead of completing the projects.
The Allegations
Authorities say the company not only failed to deliver homes but also misused and diverted buyers’ money, causing major losses to thousands of customers. The case also involves accusations of cheating and criminal conspiracy.
What’s Next
With Manoj Gaur’s arrest, the ED plans to question more company officials and trace where the money went. Many affected homebuyers are hopeful that the investigation will bring justice and help in the recovery of their investments.
As of now, Jaypee Infratech has not released any detailed public statement, but sources say the company is cooperating with the authorities.