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Delhi Police's EOW has filed an FIR against Suraksha Group for allegedly diverting more than INR 230 crore from Jaypee Infratech Ltd, funds meant to complete stalled flats. The FIR, based on ED inputs, also names Lakshdeep Investments and other entities. The ED had earlier flagged diversion of INR 235 crore, describing it as a breach of trust. Suraksha Group had acquired JIL in mid-2024 under NCLAT approval. The company claims nearly 6,000 units are completed, with plans to deliver 20,000 apartments and offer land and funds to bankers.
The Economic Offences Wing (EOW) of Delhi Police has registered a case against Mumbai-based real estate firm Suraksha Group for allegedly diverting over INR 230 crore from Jaypee Infratech Ltd (JIL), funds that were meant for completing stalled apartments for homebuyers. Sources indicate that the Enforcement Directorate (ED) may file a fresh FIR against Suraksha Group and other associated entities based on this EOW case. Advertisement
Suraksha Group had taken control of JIL after the National Company Law Appellate Tribunal (NCLAT) upheld its acquisition bid in mid-2024. The Corporate Insolvency Resolution Process (CIRP) for JIL began in August 2017, following an application by an IDBI Bank-led consortium. The National Company Law Tribunal (NCLT) approved Suraksha Group's acquisition bid in early 2023.
The FIR, lodged on January 1, is based on inputs and evidence provided by the ED. Alongside Suraksha Group, the FIR names its linked entity, Lakshdeep Investments and Finance Pvt Ltd, among others, as accused.
The ED has been investigating Jaypee group companies, including JIL and Jaiprakash Associates Ltd (JAL), along with associated entities, as part of a money laundering probe into alleged large-scale fraud and misappropriation of funds collected from homebuyers of Jaypee Wishtown and Jaypee Greens projects in Noida.
Earlier communications from the ED indicated that Suraksha Group was allegedly diverting INR 235 crore meant for the construction of stalled apartments, which the agency described as a breach of trust and cheating of homebuyers. The ED highlighted concerns about delayed equity infusion and the allocation of significant funds to entities linked to Lakshdeep Investments and the ITI Group, which it said raised questions over misuse of resources intended for JIL homebuyers. The ED also noted that Suraksha Realty's financial conduct appeared inconsistent with the objectives of the NCLT-approved resolution plan.
The ED, under the Prevention of Money Laundering Act (PMLA), is empowered to share evidence with the police or designated law enforcement agencies, enabling them to register cases under anti-money laundering laws.
Suraksha Group did not immediately comment on the FIR. In a statement earlier this week, the company said it had completed construction of nearly 6,000 units across 63 residential towers in Noida. Its final resolution plan reportedly included offering over 2,500 acres of land and approximately INR 1,300 crore through non-convertible debentures to bankers, along with a commitment to complete around 20,000 apartments in various stalled projects over the next four years.
Source PTI
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