Sudhir Walia under EOW probe in Rs 5,000 crore Jaypee insolvency
Businessman Sudhir Walia is under investigation by the Mumbai Police Economic Offences Wing (EOW) in a dispute over the Jaypee Infratech Ltd insolvency process, involving assets and interests estimated at about Rs 5,000 crore.
An FIR registered on September 9, 2026, at Matunga Police Station and later taken over by the EOW names Walia, Khyati Walia, Ramesh Madanlal Jain, Lakshdeep Investments and Finance Pvt Ltd and Lakshdeep Infrastructure and Holdings Private Limited.
They have been booked under Section 66(C) of the Information Technology Act and Bharatiya Nyaya Sanhita provisions on cheating, forgery, use of forged documents and criminal conspiracy. The complainant, Vijaykumar Mohanlal Parekh, a director of Suraksha Realty Ltd, alleges that the Walia Group used SRL’s name, letterhead, seal, records and digital credentials without authority. SRL was incorporated in 2008 and, according to the complaint, was jointly owned by the Parekh and Walia groups.
Parekh says his group and Virtual Finance later decided not to proceed with the JIL resolution plan and informed the Walia side. He alleges that the Walia Group still continued through SRL and Lakshdeep. In February 2019, the two companies formed a consortium with SRL as the lead member.
The consortium was declared the successful resolution applicant. The NCLT approved the plan in March 2023 and the NCLAT upheld it in May 2024.
The core issue for the police is authorisation. Parekh claims no SRL board meeting was held on the JIL matter after the families fell out and that SRL never authorised anyone to implement the plan.
He alleges several board resolutions were fabricated or used without approval, including papers dated February 8, 2019; November 11, 2019; and March 31, 2021, and an alleged resolution of May 10, 2024, later cited in the Delhi High Court. Unauthorised use of Paresh Parekh’s digital signature is also alleged.
The complaint further says that around 2024, 12.5 crore JIL shares with a face value of 125 crore were transferred to an entity linked to the Walia Group without Parekh's consent. Parekh alleges a conspiracy to create wrongful liabilities exceeding Rs 5,000 crore against him, his group and SRL.
The EOW is examining the disputed resolutions, digital signatures, who represented SRL before courts and agencies, and the share transfer.
The allegations remain subject to investigation and have not been proved in court.
