Report by Saket Dinkar | News Editor
New Delhi: The Enforcement Directorate (ED) on Thursday arrested former chairman of Jaypee Infratech Limited, Manoj Gaur, in connection with an alleged ₹14,600 crore fund diversion case. The central agency has accused Gaur of misusing funds collected from home buyers for various real estate projects.
According to the ED, Jaypee Infratech had raised thousands of crores from home buyers for housing projects in Noida and Greater Noida, besides developing the 165-km Yamuna Expressway connecting Noida with Agra. However, investigations revealed that a significant portion of the funds was diverted instead of being used for construction.
The arrest follows multiple police complaints lodged by home buyers in Delhi and Gautam Buddh Nagar (Noida) alleging cheating and criminal breach of trust by the company’s promoters.
Jaypee Infratech’s residential projects were later taken over by Suraksha Group after the company faced insolvency proceedings.
The ED’s probe is part of a broader investigation into alleged financial irregularities by the Jaypee Group and its subsidiaries.
