New Delhi : In a major development shaking the real estate and financial sectors, the Enforcement Directorate (ED) on Friday launched extensive searches in an alleged fraud of approximately Rs 12,000 crore involving prominent real estate firms, including Jaypee Infratech, Jaypee Associates Limited, and others, officials said.
The raids have been underway since early Friday at 15 locations across Delhi, the National Capital Region, and Mumbai as part of the money laundering investigation under the Prevention of Money Laundering Act (PMLA).
The targeted premises include offices and properties linked not only to Jaypee Associates and its associated entities but also to other major real estate players such as Gaursons, Gulshan, Mahagun, and Suraksha Realty.
According to officials, the fraudulent activities primarily involved "the siphoning and diversion of funds meant for homebuyers and investors." ED said its investigation points to large-scale financial mismanagement and misuse of public money, affecting thousands of unsuspecting individuals who had invested in properties with the hope of securing their dream homes.
As the investigation unfolds, authorities are expected to uncover further details surrounding the alleged money trail, which could have far-reaching implications for the companies involved and the real estate sector at large.