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), Jayprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation.
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 (JIL) and Jaypee Greens (JAL).
During the searches, it 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 and cash amounting to Rs 1.70 crore were seized.
Jaiprakash Associates Ltd, currently facing insolvency proceedings, is into cement, construction, real estate, power and hospitality business among others.
Suraksha Realty has acquired Jaypee Infratech Ltd through insolvency to complete stalled housing projects in NCR comprising around 20,000 flats.
There was no response from the companies or promoters concerned.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
