ED raids against Jaypee Infratech, others in ₹12,000 crore fraud case
Enforcement Directorate
on Friday conducted multiple searches as part of a money laundering probe against
Jaypee Infratech
,
Jaiprakash Associates
and some others in a Rs 12,000 crore worth homebuyers "fraud" case, official sources said. The raids are being carried out in Delhi-NCR and Mumbai under the provisions of the Prevention of Money Laundering Act (
PMLA
), they said.
The searches are related to Jaypee Infratech, Jaiprakash Associates Limited and others for alleged fraud with homebuyers and investors of around Rs 12,000 crore and linked "diversion" of funds, the sources said.
Jaiprakash Associates Ltd, currently facing insolvency proceedings, is into cement, construction, real estate, power and hospitality business among others.
Some other real estate companies like Gaursons, Gulshan, Mahagun and Suraksha Realty were also being covered as part of this case, the sources said.
Suraksha Realty has acquired Jaypee Infratech Ltd through insolvency to complete stalled housing projects in NCR comprising around 20,000 flats.
Some documents and computer devices have been recovered from the searched locations, they said.
There was no immediate response from the companies concerned.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
17 minutes ago
- Indian Express
Disproportionate Assets: CBI books NBRC engineer over 97% surge in his assets
The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against an assistant engineer at the National Brain Research Centre (NBRC) in Gurgaon's Manesar, based on a preliminary inquiry in July, suggesting 'a more than 97 per cent increase in his assets in two years'. The preliminary inquiry into the alleged possession of disproportionate assets by assistant engineer Sanjeev Kumar Choudhary was initiated in January, following a written complaint filed by then NBRC Director Professor Krishanu Ray in September 2024, according to the CBI's FIR. The CBI booked Choudhary, who has been serving at the NBRC since March 2009, under Section 13(2), read with Section 13(1), of the Prevention of Corruption Act. During the investigation, the CBI assessed Choudhary's financial records for 2019 and 2020, suggesting: on January 1, 2019, he had Rs 2.34 lakh in his three bank accounts, which increased to over Rs 4 lakh by December 31, 2020, along with a surge in his total assets worth Rs 62.60 lakh, including the purchase of a house valued at Rs 50 lakh, a Maruti Suzuki Brezza priced at Rs 8.47 lakh, according to the FIR. The CBI calculated his total income during the given two-year period at Rs 38.85 lakh — Rs 24 lakh in salary and Rs 6.45 lakh family income from other sources — and pegged his expenditure for the same period at Rs 16.52 lakh, including Rs 8.67 lakh kitchen expenses; after deducting his expenditure, the available fund stood at Rs 22.33 lakh, the FIR reads. According to the CBI's FIR, the agency determined that Choudhary's disproportionate assets amounted to Rs 37.92 lakh, after subtracting available funds and the opening bank balance from his total assets as of December 31, 2020, reflecting a 97.59 per cent increase in assets in the given two years. In a report submitted on July 21, CBI Sub-Inspector Meenakshi Yadav recommended an FIR against Choudhary for 'accumulating huge assets to the tune of Rs 37.92 lakh, disproportionate to his known sources of income, and intentionally enriching himself illicitly, constituting an offence under the Prevention of Corruption Act'. The NBRC is dedicated to advancing research on brain function in both health and disease, as well as cultivating skilled professionals capable of conducting interdisciplinary studies in neuroscience.
Indian Express
17 minutes ago
- Indian Express
2 house owners held for Bengaluru fire that took 5 lives, Deputy CM Shivakumar warns of demolition
A day after five persons, including a family of four, were charred to death, the Bengaluru city police Sunday arrested two owners of the building where the accident occurred. The arrested persons have been identified as Balakrishnaiah Shetty, 68, and Sandeep Shetty, 43. On Saturday, Madan Kumar Purohit, 36, his wife Sangeetha Kanwar, 32, their two children Mithesh, 8, and Vihan, 5, and a neighbour, Suresh Kumar, 26, died after a fire broke out in the central Bengaluru building where they lived. All deceased were natives of Rajasthan. A case was registered based on the complaint filed by Gopal Singh, brother of Madan Kumar Purohit. The initial probe has revealed that the fire took place due to a short circuit. According to a police officer, plastic mats were illegally stored on the ground and first floor of the building. Madan Kumar Purohit and his family lived on the third floor. Three workers who were sleeping on the first floor managed to escape, said the officer. Karnataka Deputy Chief Minister D K Shivakumar Sunday visited the spot and said, 'It is clear that the building owners are at fault. I am going to issue a notice to all the building owners to strengthen their buildings, or else we will have to demolish all of them. The state government has announced Rs 5 lakh compensation each for the victims' families.'
Time of India
an hour ago
- Time of India
Vadodara takes green step with cloth bag vending machines
Vadodara: In an effort to curb the use of single-use plastics and promote eco-friendly habits, the Vadodara Municipal Corporation (VMC) has launched cloth bag vending machines, beginning with the first installation at Khanderao Market. Tired of too many ads? go ad free now The initiative is aimed at making Vadodara a plastic-free city and encouraging citizens to adopt eco-friendly alternatives. VMC officials said that nine vending machines have been commissioned in the first phase, all to be placed in busy market areas. Citizens can insert a Rs 5 coin into the machine and press a button to receive a reusable cloth bag. Each machine, costing Rs 49,000 and carrying a three-year guarantee, can hold 100 bags at a time, which are refilled once the stock runs out. A QR code has also been provided on the machines for easy access. Standing Committee chairman Sheetal Mistry said the civic body plans to install up to 100 machines across the city depending on public response. "The entire drive is focused on discouraging banned plastics. We are also urging malls and shopping complexes to stop providing plastic bags and motivating people to shift to cloth bags," he said.
