The Enforcement Directorate has said it seized cash of Rs 1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL) and other entities in an alleged homebuyers’ fraud case linked money laundering investigation.
Photograph: ANI Photo
The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA).
“The search covered offices and premises of JAL, its related entities and its promoters directors.
“Searches were also conducted at the offices and premises related to key business associates of JAL, including Gaursons India Pvt Ltd, Gulshan Homz Pvt Ltd, and Mahagun Real Estate Pvt Ltd.,” the central probe agency said in a statement issued on Sunday.
The money laundering case stems from FIRs registered by the Economic Offences Wing (EOW) of Delhi Police and Uttar Pradesh Police against companies like JAL, JIL, and their promoters, directors.
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 (a project of JIL) and Jaypee Greens (a venture of JAL).
Officials had earlier said the alleged fraud was worth Rs 12,000 crore.
During the searches, the ED said, financial documents and digital devices along with documents relating to immovable properties held in the names of promoters, their family members and the group companies apart from cash of Rs 1.70 crore were seized.
In a stock exchange filing made on Saturday, Jaiprakash Associates said “the Enforcement Directorate (ED) has initiated searches at the offices of the company on 23rd May, 2025.”
The company continues to operate in normal course of business, it added.
“… the Company and its officials are fully co-operating with the authorities and also providing all the relevant information to the authorities sought for during the search process,” Jaiprakash Associates said.
Jaiprakash Associates, a flagship firm of crisis-hit Jaypee Group, is into cement, construction, power, real estate and hospitality businesses among others.
Jaypee Group firm Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group.
