The Enforcement Directorate searched 15 locations linked to Jaypee Infratech Ltd., Jayprakash Associates Ltd. and their associated entities on Friday, and has seized cash amounting to over Rs 1.7 crore, according to a release issued by the federal probe agency.
During the searches, financial documents and digital data, along with property documents in the names of promoters, their family members and group companies were also seized.
The ED had conducted the searches at multiple locations across Delhi, Noida, Ghaziabad, and Mumbai as part of an ongoing investigation under the Prevention of Money Laundering Act (PMLA), 2002.
The ED also searched offices of key business associates, including Gaursons India Pvt., Gulshan Homz Pvt. and Mahagun Real Estate Pvt.
The investigation comes on the back of FIRs filed by the Economic Offences Wing of Delhi and Uttar Pradesh Police against JIL, JAL, and their promoters and directors under various sections of the Indian Penal Code, 1860.
The FIRs allege large-scale fraud and criminal conspiracy, including dishonest inducement of homebuyers and investors to invest funds under the pretext of allotment of residential apartments and plots in projects such as Jaypee Wishtown (JIL) and Jaypee Greens (JAL).
The probing authorities said that further investigation is underway in this matter.
