As part of the money laundering probe involving Jaypee Infratech, the Enforcement Directorate (ED) has attached immovable assets worth Rs 100 crore belonging to two companies. The assets, belonging to JC World Hospitality and Investors Clinic Infratech, were valued at Rs 40 crore and Rs 60 crore, respectively, under the Prevention of Money Laundering Act (PMLA) 2002. This action is part of an investigation into large-scale fraud and misappropriation of public funds by Jaypee Infratech and associated entities.
The ED initiated the investigation based on FIRs filed by the Economic Offences Wings of Delhi and Uttar Pradesh Police following complaints from homebuyers of Jaypee Wishtown and Jaypee Greens projects. Allegations include criminal conspiracy, cheating, and breach of trust against the company and its promoters. It was found that funds collected from homebuyers for construction purposes were diverted, leaving projects incomplete and buyers defrauded.
The probe revealed that a significant portion of the funds collected by Jaypee Infratech and Jayprakash Associates Limited from homebuyers was diverted for non-construction purposes and siphoned off to related entities like JC World Hospitality. Manoj Gaur, the Managing Director of Jaypee Infratech and Jaiprakash Associates Limited, was arrested for his involvement in fund diversion. A Provisional Attachment Order was issued for assets worth Rs 400 crore, and Gaur was arraigned as an accused in a Prosecution Complaint before the Special Court (PMLA).
