Mumbai3 minutes ago
- copy link
The Enforcement Directorate (ED) has arrested Manoj Gaur, Managing Director (MD) of Jaypee Infratech Limited in a money laundering case. This case is related to the diversion of funds worth Rs 12,000 crore taken from home buyers.
This case against the company is going on since 2017. People who had paid advance money for about 21,000 flats are stuck in this. These buyers had booked flats in projects like Wish Town in Noida but did not get the flats.
Allegation of transferring funds to other companies of the group
ED officials said that Gaur played an important role in the company’s decisions and transferred funds to other companies of the group. ED made this arrest after raiding 15 locations in Delhi, Noida, Ghaziabad and Mumbai. Rs 1.7 crore in cash, digital data and property documents were seized in the raids.
According to ED, financial irregularities took place on a large scale in Jaypee Group’s subsidiary companies Jaypee Infratech Limited (JIL) and Jaiprakash Associates Limited (JAL). The money taken from home buyers and banks was diverted to other ventures instead of completing housing projects. Diverted.
Buyers had booked flats in projects like Wish Town in Noida but did not get the flats.
what is the whole matter
Jaypee Infratech was a large real estate developer in NCR, building projects like Wish Town and Jaypee Greens on Yamuna Expressway. But in 2017, IDBI Bank filed a petition in NCLT Allahabad on default of Rs 526 crore. The insolvency process started on 9 August 2017.
In this, more than 21,000 people were left without homes after booking flats. Later, the Supreme Court intervened and got the IBC (Insolvency and Bankruptcy) amended, giving homebuyers the status of financial creditors. This gave them voting rights in the agreement process.
Thousands of people have been waiting for the last 8-10 years
Thousands of people have been waiting for the last 8-10 years by paying advance for flats in these projects. Those booking in Noida’s Wish Town protested, but construction stopped due to diversion of funds. An ED official said, “This is a case of criminal conspiracy and dishonest inducement, where money was taken on false promises to buyers.”
Now homebuyers may get relief from the arrest. NCLT process can be faster, and funds can be recovered from seized properties. But experts say that resolution may take 2-3 years.
Source link
[ad_3]
