Jaypee Infratech MD Arrested in Major Money Laundering Case

Manoj Gaur, former MD of Jaypee Infratech, has been arrested in a money laundering case and sent to 14 days' judicial custody. The case involves a Rs 14,599 crore fraud with homebuyers where funds collected for residential projects were allegedly diverted.

A Delhi court has placed Manoj Gaur, former managing director of Jaypee Infratech, in 14 days' judicial custody amid a money laundering investigation. This decision follows a five-day custody period with the Enforcement Directorate.

Gaur's arrest on November 13 stems from allegations of a Rs 14,599 crore fraud linked to homebuyers. The Enforcement Directorate claims that funds earmarked for residential projects were misdirected, leaving many initiatives incomplete and defrauding buyers.

The probe, initiated by complaints from Jaypee group homebuyers, involved the Economic Offences Wings of Delhi and Uttar Pradesh police. Investigations also spanned searches across locations in Delhi, Noida, Ghaziabad, and Mumbai, targeting the group's operations.

(With inputs from agencies.)