Manoj Gaur, former chairman and managing director of Jaypee Infratech, has been arrested under the Prevention of Money Laundering Act for allegedly diverting money collected from homebuyers.
The case began after thousands of buyers from Jaypee Wishtown and Jaypee Greens projects complained to the Economic Offences Wings in Delhi and Uttar Pradesh, saying their payments were taken but the projects remained incomplete.
Action on Complain: The Enforcement Directorate said its searches recovered financial and digital records showing how funds were moved through multiple transactions and diverted instead of being used for construction.
According to the ED, about Rs 14,599 crore collected by Jaiprakash Associates and Jaypee Infratech was routed to other Jaypee Group entities including
● Jaypee Sewa Sansthan,
● Jaypee Healthcare and
● Jaypee Sports International, and Manoj Gaur, who was the managing trustee of Jaypee Sewa Sansthan, played a central role in the movement of funds.
Earlier this year, several homebuyers of the Wish Town project had protested in Noida over long delays. After the arrest, Gaur will be produced in court where the ED is expected to seek custody for further questioning, while the investigation continues to trace the diverted money and identify others involved.
Comments
Post a Comment