ED raids Jaypee Infratech, others over Rs 12K-cr fraud
The Enforcement Directorate on Friday conducted multiple searches as part of a money laundering probe against Jaypee Infratech, Jaiprakash Associates and some others in a Rs 12,000 crore worth homebuyers “fraud” case, official sources said.
The raids are being carried out in Delhi-NCR and Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA), they said.
The searches are related to Jaypee Infratech, Jaiprakash Associates Limited and others for alleged fraud with homebuyers and investors of around Rs 12,000 crore and linked “diversion” of funds, the sources said.
Jaiprakash Associates Ltd, currently facing insolvency proceedings, is into cement, construction, real estate, power and hospitality business among others.
Some other real estate companies like Gaursons, Gulshan, Mahagun and Suraksha Realty were also being covered as part of this case, the sources said.
