New Delhi:The Enforcement Directorate (ED) has taken Manoj Gaur, Managing Director of Jaypee Infratech Ltd, into custody in connection with a money laundering investigation tied to alleged fraud involving home buyers, officials confirmed on Thursday.
Gaur was apprehended under the Prevention of Money Laundering Act (PMLA), as part of a probe into financial irregularities allegedly committed by the real estate company. The case revolves around accusations of cheating buyers who had invested in Jaypee Infratech’s residential projects.
Sources said the ED is examining the flow of funds and transactions linked to Gaur and the company to determine the extent of alleged money laundering.
The move comes amid ongoing scrutiny of real estate developers for misappropriation of funds collected from home buyers, with regulatory authorities stepping up investigations into high-profile cases involving delayed or incomplete project deliveries.
Officials added that further action could be taken based on findings from the current probe, as the investigation continues.
This is the latest development in a series of enforcement actions against Jaypee Infratech, which has faced multiple legal challenges from buyers seeking compensation or possession of flats in stalled projects.
