NEW DELHI – In a significant development, the Enforcement Directorate (ED) on Friday launched a series of raids across Delhi-NCR and Mumbai as part of a sprawling money laundering investigation targeting Jaypee Infratech, Jaiprakash Associates Limited, and other entities. The probe centers on an alleged ₹12,000 crore fraud, impacting thousands of homebuyers and investors, and involving the purported diversion of funds.
Official sources, speaking on condition of anonymity, confirmed that the extensive searches are being conducted under the stringent provisions of the Prevention of Money Laundering Act (PMLA). The raids aim to gather crucial evidence related to the massive financial irregularities.
Jaiprakash Associates Ltd., a diversified conglomerate currently grappling with insolvency proceedings, operates across various sectors including cement, construction, real estate, power, and hospitality. The ED’s investigation extends beyond the primary targets, with other prominent real estate firms such as Gaursons, Gulshan, Mahagun, and Suraksha Realty also reportedly under scrutiny in connection with this case.
Notably, Suraksha Realty had recently acquired Jaypee Infratech Ltd. through insolvency proceedings, a move intended to facilitate the completion of approximately 20,000 stalled housing units in the National Capital Region (NCR).
During the ongoing raids, investigators have reportedly seized various documents and computer devices from the searched premises. As of the time of this report, there has been no immediate comment or response from the companies implicated in the investigation.
The full extent of the alleged fraud and the potential implications for the involved companies and affected homebuyers remain to be seen as the ED’s probe continues.
