ED arrests Jaypee ex-CMD Manoj Gaur
The Enforcement Directorate (ED) on Thursday arrested Manoj Gaur, former Executive Chairman and Chief Executive Officer of M/s Jaiprakash Associates Ltd (JAL) and former Chairman and Managing Director of M/s Jaypee Infratech Ltd (JIL), in connection with a money-laundering probe linked to the alleged diversion and misuse of funds worth Rs 14,599 crore collected from homebuyers.
The ED initiated its investigation into the Jaypee Group on the basis of multiple FIRs registered by the Economic Offences Wings (EOW) of Delhi and Uttar Pradesh Police, following complaints filed by homebuyers of the Jaypee Wish Town and Jaypee Greens projects. The complaints alleged criminal conspiracy, cheating and breach of trust by the company and its promoters. It is alleged that money collected from thousands of homebuyers for housing projects was diverted for purposes other than construction, leaving projects incomplete and buyers defrauded. On 23 May 2025, the ED conducted search operations at 15 locations in Delhi, Noida, Ghaziabad and Mumbai, including the offices and premises of Jaiprakash Associates Ltd and Jaypee Infratech Ltd. “During the searches, the ED seized a large volume of financial and digital records, along with documents evidencing the offence of money laundering and diversion of funds,” the agency said in a statement.
According to ED officials, the case concerns large-scale financial irregularities involving Jaypee Group subsidiaries Jaypee Infratech Ltd and Jaiprakash Associates Ltd. The investigation focuses on suspected fund diversion from housing projects, primarily affecting thousands of homebuyers who invested in the group’s real estate ventures but never received possession of their flats. The probe stems from several FIRs filed in 2017. The FIRs accused the company of criminal conspiracy, cheating and dishonest inducement, alleging that money raised from investors was misused or diverted. The ED said the alleged fraud included funds collected for prominent projects such as Jaypee Wishtown and Jaypee Greens, where buyers were promised homes that were never delivered.
