THE JHARKHAND STORY DESK
New Delhi, May 23: In a sweeping crackdown, the Enforcement Directorate (ED) on Friday conducted raids at 15 locations across Delhi, NCR, and Mumbai, targeting major real estate players over a suspected ₹12,000 crore financial fraud.
The raids are part of a money laundering probe under the Prevention of Money Laundering Act (PMLA), centering on alleged diversion of funds meant for investors and homebuyers.
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Top firms under the scanner include Jaypee Infratech, Jaypee Associates Limited, and several other well-known real estate groups such as Gaursons, Gulshan, Mahagun, and Suraksha Realty.
ED officials revealed that the probe has unearthed massive financial irregularities and systemic fund misappropriation, which has impacted thousands of people who invested in housing projects in good faith.
Sources said the investigation is zeroing in on how money collected from buyers was allegedly siphoned off instead of being used for construction and project completion.
Offices and properties linked to the implicated companies were among the key locations searched on Friday.
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The developments have sent shockwaves across the real estate and financial sectors, as authorities brace for further revelations that could expose deeper layers of mismanagement and misuse of public money in one of the sector’s biggest fraud cases in recent years.
