Rs 1.70 cr, assets seized in ED raids on Jaypee Infra
The Directorate of Enforcement (ED) has seized financial documents, data and digital devices along with documents relating to immovable properties and cash worth Rs 1.70 crore in raids on sites linked to Jaypee Infratech Ltd and associated entities.
On May 23, the agency had conducted search operations at multiple locations across Delhi, Noida, Ghaziabad and Mumbai in connection with an investigation involving Jaypee Infratech Ltd (JIL), Jayprakash Associates Ltd (JAL) and associated entities under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The search covered offices and premises of JAL, its related entities and its promoters and directors. Searches were also conducted at the offices and premises related to key business associates of JAL, including Gaursons India Pvt Ltd, M/s Gulshan Homz Pvt Ltd, and Mahagun Real Estate Pvt Ltd.
The ED had initiated investigations on the basis of FIRs registered by the Economic Offences Wing (EOW) of Delhi and Uttar Pradesh Police against JAL, JIL and their promoters and directors under various Sections of the IPC.
The FIRs allege large-scale fraud and criminal conspiracy, including dishonest inducement of homebuyers and investors to invest funds on the pretext of allotment of residential apartments and plots in projects such as Jaypee Wishtown and Jaypee Greens. Further investigation is under progress in the matter, said the ED officials.
India