Daijiworld Media Network - New Delhi

New Delhi, Nov 13: The Enforcement Directorate (ED) on Thursday arrested Manoj Gaur, former CMD of Jaypee Infratech Ltd. (JIL) and former executive chairman & CEO of Jaiprakash Associates Ltd. (JAL), in connection with a money laundering case involving diversion of homebuyers’ funds and project delays in Noida, officials said.

Gaur was arrested under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002. The ED investigation revealed that of the Rs 14,599 crore collected from homebuyers (as per NCLT claims), significant sums were allegedly diverted to non-construction purposes, leaving thousands of projects incomplete.

Complaints from homebuyers of Jaypee Wishtown and Jaypee Greens led to FIRs being filed with the Economic Offences Wings

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