New Delhi [India], November 13 (ANI): The Enforcement Directorate (ED) has arrested Manoj Gaur, former Chairman and Managing Director of Jaypee Infratech Ltd (JIL), in a cash laundering case of dishonest with dwelling consumers.
ED’s Delhi zonal workplace arrested Manoj Gaur, the previous Executive Chairman and Chief Executive Officer of Jaiprakash Associates Ltd (JAL), below Section 19 of the Prevention of Money Laundering Act (PMLA), 2002.
Manoj Gaur was arrested early on Thursday following an in depth investigation and evaluation of proof gathered throughout the ongoing probe in an Enforcement Case Information Report (ECIR) recorded by the ED below PMLA in reference to the Jaypee Group.
ED stated it initiated an investigation towards the Jaypee group on the idea of a number of First Information Reports registered by the Economic Offences Wings (EOW) of Delhi and Uttar Pradesh Police, primarily based on complaints filed by homebuyers of Jaypee Wishtown and Jaypee Greens tasks, alleging prison conspiracy, dishonest, and prison breach of belief towards the corporate and its promoters.
It has been alleged that the funds collected from 1000’s of homebuyers for the development and completion of residential tasks have been diverted for functions apart from development, leaving the homebuyers defrauded and their tasks incomplete.
ED stated its investigation revealed that out of roughly Rs 14,599 crore collected by JAL and JIL from homebuyers (as per claims admitted by NCLT), substantial quantities have been diverted for non-construction functions and siphoned off to associated group entities and trusts, together with Jaypee Sewa Sansthan (JSS), Jaypee Healthcare Ltd (JHL), and Jaypee Sports International Ltd (JSIL).
‘It has additionally been revealed throughout the investigation that Manoj Gaur is the Managing Trustee of Jaypee Sewa Sansthan (JSS), which acquired a part of the diverted funds,’ stated the ED in a press release.
Earlier, on May 23 this yr, the ED had carried out search operations at 15 areas in Delhi, Noida, Ghaziabad, and Mumbai, together with the places of work and premises of Jaiprakash Associates Ltd and Jaypee Infratech Ltd. During the searches, the ED seized a big quantity of economic and digital data, together with paperwork evidencing the offence of cash laundering and diversion of funds.
‘The investigation has established the central function of Manoj Gaur within the planning and execution of the fund diversion via a fancy internet of transactions inside the Jaypee Group and its related entities,’ added the company. (ANI)