The Enforcement Directorate has arrested Manoj Gaur, Managing Director of Jaypee Infratech Ltd, in connection with a money laundering case, official sources said on Thursday. The businessman was taken into custody under the Prevention of Money Laundering Act (PMLA), the sources added.
The investigation relates to an alleged fraud involving home buyers.
The ED has alleged that Jaypee Associates Ltd, through Manoj Gaur, is involved in a Rs 12,000-crore fraud, including diversion and siphoning of home buyers’ funds.
The ED launched an investigation into alleged large-scale fraud linked to the Jaypee Group, focusing on its subsidiaries Jaypee Infratech Ltd. (JIL) and Jaiprakash Associates Ltd. (JAL). Multiple First Information Reports (FIRs), registered in 2017 following protests by homebuyers, allege criminal conspiracy and dishonest inducement, where homebuyers and investors were encouraged to invest funds with the promise of allotment in projects such as Jaypee Wishtown and Jaypee Greens.
Flats sold in 2010–11 were reportedly not delivered, prompting claims of fund diversion and delayed possession.
As part of the ongoing investigation under the Prevention of Money Laundering Act (PMLA), 2002, the ED conducted searches at 15 locations associated with JIL, JAL, and their related entities across Delhi, Noida, Ghaziabad, and Mumbai.
Authorities seized over Rs 1.7 crore in cash, financial documents, digital data, and property records held in the names of promoters, their family members, and group companies. Offices of key business associates, including Gaursons India Pvt., Gulshan Homz Pvt., and Mahagun Real Estate Pvt., were also searched.
