ED seizes Rs 1.70 crore cash, documents in raids against Jaypee Infratech Ltd, others | Delhi News

NEW DELHI: The Enforcement Directorate seized Rs 1.70 crore in cash and property documents during raids conducted at 15 locations across Delhi, Noida, Ghaziabad and Mumbai against Jaypee Infratech Ltd, Jayprakash Associates Ltd and other entities on May 23. The searches were carried out under the Prevention of Money Laundering Act in connection with an alleged homebuyers’ fraud case.The investigation stems from FIRs filed by the Economic Offences Wing of Delhi Police and Uttar Pradesh Police against JAL, JIL, and their promoters and directors for allegedly deceiving homebuyers and investors.“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 on Sunday.The FIRs allege large-scale fraud and criminal conspiracy, including dishonest inducement of homebuyers and investors to invest funds for residential apartments and plots in projects like Jaypee Wishtown and Jaypee Greens.“During the searches, 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, which is currently undergoing insolvency proceedings, operates in various sectors including cement, construction, real estate, power and hospitality.Suraksha Realty has taken over Jaypee Infratech Ltd through insolvency proceedings to complete pending housing projects in NCR, which include approximately 20,000 flats.The companies and promoters involved did not respond to the developments.