New Delhi, Jan 7 (UNI) The Enforcement Directorate (ED), Delhi Zonal Office, today said it has attached immovable assets worth Rs 400 crore belonging to Jaiprakash Sewa Sanstha and Page 3 Buildtech Private Limited.
The agency stated that the attachment is part of an ongoing money laundering investigation involving Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL), and associated entities, concerning large-scale fraud and misappropriation of funds collected from homebuyers for the Jaypee Wishtown and Jaypee Greens projects.
The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA) based on multiple First Information Reports registered by the Economic Offences Wings (EOW) of Delhi and Uttar Pradesh Police. These FIRs were filed on complaints from homebuyers alleging criminal conspiracy, cheating, and criminal breach of trust by JIL, JAL, and their promoters/directors, including Manoj Gaur.
The complaints alleged that funds collected from thousands of homebuyers for construction were diverted for other purposes, leaving projects incomplete and buyers defrauded.
The ED’s investigation revealed that out of approximately Rs 14,599 crore collected by JAL and JIL from over 25,000 homebuyers (as per claims admitted by the NCLT), substantial amounts were diverted for non-construction purposes and siphoned off to related group entities. These entities include Jaypee Sewa Sansthan (JSS), Jaypee Healthcare Ltd. (JHL), and Jaypee Sports International Ltd. (JSIL). The investigation found that Manoj Gaur is the Managing Trustee of JSS, which received part of the diverted funds. It was also established that assets of JIL and JAL were diverted by Gaur to other entities, including Page 3 Buildtech Private Limited, which is controlled and beneficially owned by Honey Katiyal.
Earlier, the ED conducted search operations at 15 locations in Delhi, Noida, Ghaziabad, and Mumbai, including the offices and premises of Jaiprakash Associates Ltd. and Jaypee Infratech Ltd. During the searches, the agency seized a large volume of financial and digital records, along with documents evidencing money laundering and fund diversion.
The investigation has established the central role of Manoj Gaur in the planning and execution of the fund diversion through a complex web of transactions within the Jaypee Group and its associated entities. Manoj Gaur was subsequently arrested by the ED.
Further investigation into the matter is ongoing.
