The Enforcement Directorate (ED) has arrested Manoj Gaur, the Managing Director (MD) of Jaypee Infratech, in connection with an alleged money laundering scam totaling approximately ₹12,000 crore. The arrest is based on charges that the company defrauded thousands of homebuyers through various real estate projects in Delhi and surrounding regions.

The Allegations and Investigation -

The investigation revealed that Jaypee Infratech, a prominent real estate firm, allegedly cheated homebuyers by taking money under the promise of delivering homes but failing to fulfill those commitments. Gaur is accused of misappropriating the funds invested by buyers and illegally diverting them elsewhere.

The scam involves a massive amount totaling ₹12,000 crore. iQOO Z10 Lite 5G (Titanium Blue, 6GB RAM, 128GB Storage) | 6000 mAh Battery | Dimensity 6300 5G Processor with 433K+* AnTuTu Score | IP64 Rated & Military Grade Shock-Resistance*

Background of the Case -

Jaypee Infratech was one of the earliest firms to undertake large-scale real estate projects, selling thousands of apartments and flats. However, the projects faced significant delays, failing to meet the promises made to the homebuyers.

The legal troubles for the company began in 2017 when multiple FIRs were filed against the firm. The recent arrest was made under the Prevention of Money Laundering Act (PMLA) based on the longstanding accusations of cheating worth ₹12,000 crore. Manoj Gaur has been taken into custody for questioning. Also Read: Demand for Separate North Karnataka State: MLA Raju Kage Writes to PM, Faces Backlash from Own Congress Party!