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The Enforcement Directorate has provisionally attached assets worth INR 400 crore as part of its ongoing money laundering investigation into alleged fund diversion by the Jaypee Group. The action covers properties linked to a trust associated with former Jaypee Infratech managing director Manoj Gaur and a real estate firm connected to a Noida-based broker. The case relates to alleged misuse of homebuyers funds collected for stalled housing projects in Noida. The probe follows multiple FIRs and earlier arrests connected to the matter.
The Enforcement Directorate has provisionally attached immovable assets valued at INR 400 crore in connection with its investigation into alleged financial irregularities involving the Jaypee Group. The attachment has been carried out under the Prevention of Money Laundering Act and forms part of a broader probe into suspected diversion of homebuyers funds. Advertisement
The attached assets belong to Jaiprakash Sewa Sansthan, a trust linked to former Jaypee Infratech managing director Manoj Gaur, and Page 3 Buildtech Private Limited, a company associated with Honeyy Katiyal, promoter of a Noida-based real estate brokerage firm. The agency has not disclosed the individual valuation of assets held by each entity.
According to the Enforcement Directorate, funds collected from homebuyers for residential projects such as Jaypee Wishtown and Jaypee Greens in Noida and Greater Noida were allegedly diverted instead of being used for construction. These diversions are believed to have contributed to prolonged delays and non-delivery of homes to thousands of buyers.
The case originates from multiple FIRs registered by the Economic Offences Wings of the Delhi Police and Uttar Pradesh Police based on complaints from homebuyers. Investigative findings placed before authorities indicate that over INR 14,599 crore was collected from more than 25,000 homebuyers, with significant amounts allegedly transferred to other group entities, including Jaypee Healthcare Limited and Jaypee Sports International Limited.
Manoj Gaur was arrested by the Enforcement Directorate in the past year in relation to the same investigation and remains in judicial custody. The agency has also conducted searches at several locations linked to the group and its associates as part of the probe.
Separately, insolvency proceedings involving key Jaypee Group companies continue. Jaypee Infratech Limited has been taken over by Suraksha Group through the insolvency resolution process, while lenders have approved Adani Enterprises resolution plan for Jaiprakash Associates Limited, which is awaiting clearance from the National Company Law Tribunal.
Source PTI
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