ED seizes cash, documents during raids on real estate firms
THE JHARKHAND STORY DESK New Delhi, May 26: In a significant development in the alleged real estate scam involving homebuyers, the…
THE JHARKHAND STORY DESK
New Delhi, May 26: In a significant development in the alleged real estate scam involving homebuyers, the Enforcement Directorate (ED) has seized ₹1.70 crore in cash along with key documents related to immovable assets.
The recovery was made during raids conducted on May 23 across 15 locations in Delhi, Noida, Ghaziabad, and Mumbai under the Prevention of Money Laundering Act (PMLA).
The money laundering probe stems from FIRs filed by the Economic Offences Wings of both Delhi and Uttar Pradesh Police. These FIRs accuse Jaypee Infratech Ltd (JIL), Jayprakash Associates Ltd (JAL), their promoters and directors of engaging in large-scale fraud and criminal conspiracy.
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The companies allegedly lured homebuyers and investors with false promises of apartment and plot allotments in major housing projects such as Jaypee Wishtown and Jaypee Greens.
According to the ED, the searches targeted offices and premises linked to JAL, its associated entities, and key individuals including company promoters and directors.
The scope of the operation also extended to the offices of JAL’s close business partners—Gaursons India Pvt Ltd, Gulshan Homz Pvt Ltd, and Mahagun Real Estate Pvt Ltd.
The central agency stated that the action was aimed at gathering evidence related to financial misconduct and fraudulent investment schemes that misled numerous homebuyers.
