The Enforcement Directorate (ED) on Tuesday attached assets worth Rs 100 crore belonging to two real estate entities linked to Jaypee Infratech Ltd (JIL). The central agency accused JIL and its promoters of laundering a portion of the Rs 33,000 crore collected from homebuyers for the construction of flats in Jaypee Wish Town, a sprawling 1,162-acre township along the Noida Expressway.
Fund Diversion Uncovered
According to the ED, investigation revealed that out of Rs 32,825 crore collected by Jayprakash Associates Ltd (JAL) and JIL from homebuyers, as per claims admitted by the National Company Law Tribunal (NCLT), substantial amounts were diverted for non-construction purposes and siphoned off to related entities. These include JC World Hospitality Pvt Ltd. The ED stated that proceeds of crime in the form of land have been parked in Investors Clinic Infratech Pvt Ltd.
The attached properties belong to JC World Hospitality Pvt Ltd and Investors Clinic Infratech Pvt Ltd, with market values of Rs 40 crore and Rs 60 crore respectively. This action is part of the ongoing money laundering probe against JIL, JAL, and their associated entities.
Probe Extends to New Developer Suraksha Realty
The ED is also investigating Suraksha Realty Ltd, the firm that won JIL through the insolvency bidding process before the NCLT. The agency registered a case under the Prevention of Money Laundering Act (PMLA) against Suraksha and its partner Lakshdeep Investments, based on an FIR filed by the economic offences wing of the Delhi Police. The FIR alleges fraud in siphoning off assets of Wish Town.
The probe revealed that instead of completing construction of over 17,000 flats that have been stalled for more than 15 years, Suraksha engaged in siphoning off JIL's assets in connivance with former Wish Town promoter Manoj Gaur. Gaur was arrested by the ED in November last year and remains in judicial custody, with courts rejecting his bail applications.
Homebuyers Defrauded
The ED stated that funds collected from thousands of homebuyers for construction and completion of residential projects were diverted for other purposes, leaving the homebuyers defrauded and their projects incomplete. The agency claimed that Manoj Gaur, Managing Director of JIL and JAL, played a central role in planning, executing, and diverting funds through a complex web of transactions involving various entities of the Jaypee Group and its associated companies. Consequently, Gaur was arrested on November 13, 2025.
The latest attachment order was issued on Sunday. Additionally, a prosecution complaint (chargesheet) was filed on January 8, arraigning Manoj Gaur as an accused.
