Homebuyers money laundering case: ED tells court that Manoj Gaur’s name is in all FIRs against Jaypee Group

Jaypee Infratech managing director Manoj Gaur has been named as an accused in all the first information reports (FIRs) filed against the Jaypee group related to home buyers’ money laundering case, the Enforcement Directorate (ED) told Delhi’s Patiala House Court on November 13 after his arrest.

The central agency said Gaur diverted homebuyers’ money from Jaypee Associates and Jaypee Infratech to other group entities, adding that the money was also used for personal expenses.

ED told the court that the company had recovered more than this for real estate housing projects ₹33,000 crore from home buyers. With that amount, finish ED said ₹13,000 crore was not used for housing construction projects.

ED had arrested Manoj Gaur on the morning of November 13, accusing him of misappropriation of funds in this case.

The agency clarified to the court that the arrest has been made under the Prevention of Money Laundering Act (PMLA) as the allegations against Gaur meet all the grounds for his arrest.

The ED sought seven days’ police custody of Gaur to further investigate the case.

Read more: ED arrests Jaypee Infratech MD Manoj Gaur in home buyers fraud case amid ongoing bidding