ED arrests Jaypee Infratech MD in ₹12,000 crore fraud case
New Delhi, Nov 13: The Enforcement Directorate (ED) has arrested Manoj Gaur, Managing Director of Jaypee Infratech Limited, in connection with…
New Delhi, Nov 13: The Enforcement Directorate (ED) has arrested Manoj Gaur, Managing Director of Jaypee Infratech Limited, in connection with a money laundering case.
He is accused of being involved in a ₹12,000 crore fraud carried out by Jaypee Associates Limited (JAL), allegedly cheating homebuyers and misusing their funds.
Earlier this year, in May, the ED had conducted raids under the Prevention of Money Laundering Act (PMLA) at the premises of Jaypee Infratech, Jaypee Associates, and their associated companies.
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According to sources, the searches were carried out at around 15 locations, including Delhi and Mumbai.
The ED investigation revealed that the company diverted and misused funds collected from homebuyers for its housing projects by investing them elsewhere.
As a result, thousands of homebuyers and investors have been left waiting for possession of their properties and recovery of their money.
