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Jaypee Infratech Ex-MD Manoj Gaur Arrested in Money Laundering Probe
The Enforcement Directorate (ED) arrested Manoj Gaur, former Managing Director (MD) of Jaypee Infratech, on Tuesday in a money laundering case tied to alleged financial fraud. The arrest follows accusations of fund diversion that left thousands of homebuyers stranded. A Delhi court remanded Gaur to 5-day ED custody for further interrogation.
Background of the Jaypee Infratech Scam<a href=”https://nextminutenews.online/?s=
Jaypee Infratech”>
Jaypee Infratech, a subsidiary of the debt-ridden Jaypee Group, has faced insolvency since 2017 under the Insolvency and Bankruptcy Code (IBC). The ED’s probe stems from FIRs filed by homebuyers and banks, alleging ₹1,800 crore was siphoned** from housing projects to other group companies.
Why Was Manoj Gaur Arrested?
Gaur, who led Jaypee Infratech before insolvency, is accused of diverting homebuyers’ funds to sister firms like Jaiprakash Associates Ltd (JAL). The ED claims he ignored repeated summons and withheld key transaction details. Raids earlier this year uncovered documents linking him to suspicious financial dealings.
Court Grants 5-Day Custody, ED Seeks Longer Interrogation
While the ED sought 10-day custody, the court approved five days, emphasizing a fair probe. The agency aims to trace the money trail and identify accomplices in the alleged scam.
Homebuyers’ Mixed Reactions
Stuck in limbo for over a decade, buyers from projects like Noida’s Wish Town welcomed the arrest but demanded faster justice. A Jaypee Flat Owners’ Association member stated, “We need concrete action—not just arrests—to recover our investments.”
What’s Next in the Investigation?
- ED may expand probes into banks, auditors, and other executives.
- Gaur could face PMLA charges, carrying severe penalties.
- Suraksha Group’s 2023 takeover of Jaypee Infratech hasn’t resolved all delays, leaving buyers anxious.
Conclusion: A Test of Accountability
Gaur’s arrest signals stricter enforcement against real estate fraud but underscores unresolved grievances of homebuyers. The case’s outcome will set a precedent for corporate accountability in India’s housing sector.
Stay updated with the latest developments on this ongoing investigation.
