Friday | Jun 13 2025 | 11:29:58 AM
New Delhi, May 24
The Enforcement Directorate (ED) conducting searches in connection with Rs. 12,000-crore fraud case allegedly involving Jaypee Infratech, Jaypee Associates Limited and others in connection with the alleged fraud with homebuyers and investors and siphoning/diversion of funds.
The ED stated that the raids were conducted at 15 locations across Delhi-NCR and Mumbai as part of the money laundering investigation under the PMLA.
The search was conducted at 15 premises located in Delhi-NCR and Mumbai which include Jaypee Associates and its associated entities, Gaursons, Gulshan, Mahagun and Suraksha Realty, officials said.
ED said its investigation points to large-scale financial mismanagement and misuse of public money, affecting several who had invested in properties with the hope of securing their dream homes.
The companies mentioned above were contacted for a statement but there was no immediate response from the companies concerned.
