Rs 14,599 cr fraud case: Former Jaypee Infratech MD Manoj Gaur sent to 14 day judicial custody as ED probe intensifies
A Delhi court on Tuesday sent former Jaypee Infratech managing director Manoj Gaur to 14 days’ judicial custody, days after he was arrested in a money laundering case tied to what investigators describe as a massive fraud against homebuyers. Gaur had been in Enforcement Directorate custody since November 13 and was produced before a sessions court upon completion of his interrogation, where the agency sought his judicial remand.
The ED arrested Gaur on November 13 in a case linked to a Rs 14,599 crore “fraud” involving thousands of homebuyers. The agency alleged that funds collected for the construction and completion of Jaypee’s residential projects were diverted for other purposes, leaving large swathes of Jaypee Wishtown in Noida and Jaypee Greens in Greater Noida incomplete.
According to the ED, Jaypee Associates Ltd (JAL) and Jaypee Infratech Ltd (JIL) together collected over Rs 33,000 crore for the two projects. The allegations stem from multiple FIRs filed with the Economic Offences Wings of Delhi and Uttar Pradesh police by homebuyers accusing the promoters of criminal conspiracy, cheating, and criminal breach of trust.
As part of its investigation, the agency conducted searches on May 23 at 15 locations across Delhi, Noida, Ghaziabad and Mumbai, including the offices and premises of JAL and JIL.
(With inputs from PTI)
