Massive Fraud Uncovered: Real Estate Giants Under Scrutiny
The Enforcement Directorate executed multiple raids on Jaypee Infratech, Jaiprakash Associates, and other real estate firms. These actions are part of a probe into a Rs 12,000 crore fraud against homebuyers and investors, involving alleged fund diversion. Documents and devices have been confiscated in Delhi-NCR and Mumbai.
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- India
The Enforcement Directorate carried out an extensive series of raids on prominent real estate companies including Jaypee Infratech and Jaiprakash Associates on Friday, in connection with a Rs 12,000 crore fraud case involving homebuyers and alleged fund diversions.
Officials targeted locations in Delhi-NCR and Mumbai under the Prevention of Money Laundering Act, focusing on irregularities linked to Jaypee Infratech, Jaiprakash Associates, and other firms. Jaiprakash Associates, currently undergoing insolvency proceedings, has operations spanning cement, construction, and real estate, among other sectors.
Other real estate entities like Gaursons, Gulshan, Mahagun, and Suraksha Realty were also implicated in this sweep. Suraksha Realty acquired Jaypee Infratech to complete over 20,000 stalled housing units in NCR. Authorities have seized documents and digital devices, though the companies have yet to respond.
(With inputs from agencies.)
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