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The Enforcement Directorate has summoned several Jaypee Infratech homebuyers as part of its ongoing money laundering investigation linked to alleged diversion of funds collected for housing projects. Homebuyers have been asked to share project-related details and record statements. At the same time, the National Company Law Tribunal has set up a two-member committee to examine grievances raised by allottees and review construction progress under the approved resolution plan. These parallel developments come amid continuing delays in project completion and sustained regulatory scrutiny of the insolvency process.
The Enforcement Directorate (ED) has issued summons to multiple homebuyers of Jaypee Infratech Ltd as part of a wider investigation into alleged money laundering and diversion of funds linked to the company's stalled housing projects. The homebuyers have been asked to appear before the agency and provide information related to their allotments, payment details, and the current status of construction. Statements are being recorded to understand how funds collected from buyers were utilised. Advertisement
The investigation stems from first information reports registered by the Economic Offences Wings of Delhi and Uttar Pradesh following complaints from homebuyers. These complaints alleged that money collected for specific residential projects, including large developments in Noida, was diverted for other purposes, resulting in prolonged construction delays. The ED is examining whether proceeds of crime were generated through these transactions and whether funds were routed through multiple entities.
Jaypee Infratech has been under insolvency proceedings for several years, with thousands of homebuyers waiting for possession of their homes. The company's resolution plan, approved earlier, transferred project execution to Suraksha Realty. However, buyers have continued to raise concerns over slow progress on the ground and lack of clarity on timelines.
In a parallel move, the National Company Law Tribunal has constituted a two-member committee to address homebuyer grievances linked to Jaypee Infratech projects. The committee has been tasked with examining complaints submitted by allottees, assessing construction progress against commitments made in the resolution plan, and reporting its findings to the tribunal. The panel is expected to act as an independent mechanism to bring greater transparency to the implementation process.
Homebuyers have repeatedly approached courts and regulators over the years, citing missed deadlines and financial stress caused by prolonged delays. The tribunal's decision to form a committee follows continued representations from buyer groups seeking structured oversight of project execution.
The ED's action and the tribunal's intervention reflect increased regulatory focus on both financial accountability and consumer protection in large real estate insolvency cases. Earlier, investigative agencies had also attached assets linked to the Jaypee Group in connection with related probes, underscoring the scale and complexity of the matter.
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