New Delhi [India], May 23: In a significant crackdown, the Enforcement Directorate (ED) on Friday launched a series of raids across Delhi, the National Capital Region (NCR), and Mumbai in connection with an alleged ₹12,000 crore fraud involving major real estate firms, including Jaypee Infratech, Jaypee Associates Limited, and others.
The investigation, conducted under the Prevention of Money Laundering Act (PMLA), saw searches at 15 locations linked to the accused companies. Among those under scrutiny are prominent names in the real estate sector such as Gaursons, Gulshan, Mahagun, and Suraksha Realty.
According to officials, the alleged scam centers around the siphoning and diversion of funds originally intended for homebuyers and investors, leading to massive financial irregularities. These practices have reportedly impacted thousands of individuals who had invested in housing projects, hoping to realize their dream of owning a home.
The ED has indicated that its preliminary findings reveal widespread financial mismanagement and misuse of public funds, signaling deeper issues within the functioning of several real estate developers.
As the probe deepens, the investigation is expected to trace complex money trails, potentially unearthing additional layers of the fraud and resulting in legal and regulatory consequences for those involved.
This case is likely to send shockwaves through the real estate and financial sectors, especially amid growing concerns about transparency and accountability in large-scale housing projects.