Enforcement Directorate Summons Jaypee Infratech Homebuyers in Money Laundering Investigation
The Enforcement Directorate (ED) has escalated its money laundering investigation into Jaypee Infratech Ltd (JIL) by issuing formal summons to numerous homebuyers. This action forms a critical component of the agency's ongoing probe into alleged diversion of funds under the company's insolvency resolution plan.
Summons Issued by Delhi Zonal Office
Summons were officially issued by the Delhi-II Zonal Office of the ED, directing concerned homebuyers to appear before the agency. The summons require these individuals to submit comprehensive status reports on their respective projects associated with the Jaypee group and to provide detailed statements before the investigating officer.
A representative for homebuyers confirmed receiving a summons approximately two weeks ago and has since recorded his official statement with the agency. Sources within investigative circles indicate that several other buyer representatives have also been questioned as part of this expanding investigation.
Parallel Criminal Investigation by Delhi Police
In a parallel development, Delhi Police's Economic Offences Wing (EOW) has also called certain homebuyers as part of its separate criminal investigation. The EOW registered a First Information Report (FIR) earlier this year based on a formal complaint filed by the Enforcement Directorate.
The FIR was lodged last month against Suraksha Realty Ltd and Lakshdeep Investments and Finance Pvt Ltd concerning alleged diversion of funds specifically designated for completing stalled JIL housing projects, including the prominent Wish Town development in Noida. The case invokes multiple sections of the Indian Penal Code related to criminal breach of trust, cheating, and criminal conspiracy.
Allegations of Financial Irregularities
According to the ED's complaint referenced in the FIR, while Rs 125 crore was infused as equity on June 11, 2024, following Suraksha's assumption of control over JIL, other critical financial obligations under the approved resolution plan remain unfulfilled. These include arranging a substantial Rs 3,000 crore credit facility within 90 days, which investigators allege was not completed within the stipulated timeframe.
The agency has identified multiple transactions that it describes as prima facie instances of fund diversion. These questionable transactions include:
- Rs 75 crore transferred to ITI Gold Loans
- Rs 25 crore transferred to ITI Housing Finance
- Rs 135 crore transferred to ITI Finance
Investigators have traced these funds to fixed deposits maintained by JIL, which were reportedly created using homebuyers' money as well as toll revenue generated from the Yamuna Expressway, where Jaypee served as the concessionaire.
Additional Financial Irregularities Uncovered
The ED has further alleged that Rs 107 crore was invested in ITI Mutual Fund from the proceeds of the 2024 sale of Jaypee Healthcare Ltd to Max Healthcare. From this same transaction, Rs 397 crore was placed in fixed deposits with State Bank of India, while Rs 105 crore was utilized to purchase a land parcel through a surrender deed dated March 19, 2025.
Homebuyers Seek Judicial Intervention
Homebuyers across various JIL projects, many of whom have been awaiting possession of their properties for over a decade, have approached the National Company Law Tribunal (NCLT) seeking formation of a monitoring committee for the resolution plan's implementation. Their petition cites continued delays in construction activities even after the corporate takeover, highlighting ongoing concerns about project completion timelines.
