NEW DELHI: The Enforcement Directorate (ED) has initiated the process of freezing and attaching assets to the tune of Rs 400 crores that are part of money-laundering cases involving the Jaypee Group.
The provisional attachment of assets relates to immovable properties belonging to the entities of Jaiprakash Sewa Sanstha and Page 3 Buildtech Private Limited on account of the PMLA of 2002 that is a part of the investigation relating to the alleged misappropriation of the homebuyers’ contributions to the projects of Jaypee Wishtown and Jaypee Greens.
As per the ED, the case began after filing FIRs by the Economic Offences Wings of the Delhi & Uttar Pradesh police. Thousands of home buyers had come to complain to the authorities that despite paying massive amounts, construction of their projects was left pending as funds were diverted.
In a case filed in front of the National Company Law Tribunal, Jaypee Associates Ltd (JAL) and Jaypee Infratech Ltd (JIL) had also accepted that they had received around Rs 14,599 crore from over 25,000 homebuyers. The ED asserts that a massive portion of this amount was not allocated for building activities but for transfer to other companies in this group.
Evidence has emerged that funds were channelled to such bodies as Jaypee Sewa Sanstha, Jaypee Healthcare Ltd, and Jaypee Sports International Ltd, among many others, through complex financial transactions.