ED nabs Jaypee Infra ex-MD Manoj Gaur in funds diversion case | India News
NEW DELHI: In a significant escalation of its probe into the alleged diversion of around Rs 14,600 crore collected from thousands of homebuyers of Jaypee Wish Town in Noida and other projects, ED on Thursday arrested Manoj Gaur, former chairman and CEO of Jaiprakash Associates Ltd (JAL) and ex-MD of Jaypee Infratech Ltd (JIL).A special court in Delhi remanded Gaur, one of the biggest names in the real estate and infrastructure sector in north India, in five days of ED custody.The central agency is also probing the sale of Wish Town prime commercial properties alongside the Noida-Greater Noida Expressway by JIL and Suraksha Realty Pvt Ltd – the new owner of JIL – and diversion of funds. Suraksha has allegedly sold Jaypee Hospital (of Jaypee Healthcare Pvt Ltd) to Max Healthcare for Rs 1,660 crore and did not use the money to finish the construction of flats in Wish Town despite the commitment it made for winning insolvency bid at the National Company Law Tribunal (NCLT) in 2023.Abhijit Gohil, CEO of Suraksha Realty, did not comment when TOI contacted him.“Investigation revealed that out of Rs 14,599 crore collected by JAL and JIL from homebuyers (as per claims admitted by NCLT), substantial amounts were diverted for non-construction purposes and siphoned off to related group entities and trusts, including Jaypee Sewa Sansthan (JSS), Jaypee Healthcare Pvt Ltd (JHPL), and Jaypee Sports International Ltd (JSIL). It has also been revealed during the investigation that Manoj Gaur is the managing trustee of Jaypee Sewa Sansthan (JSS), which received part of the diverted funds,” ED said after Gaur’s arrest on Thursday.
