The Enforcement Bureau searched 15 locations linked to Jaypee Infratech Ltd., Jayprakash Associates Ltd. and its associated entities on Friday, seized more than 1.7 crores of cash, according to a release issued by the Federal Investigation Agency.
During the search, their families and group companies were also seized, along with financial documents, digital data and property documents in the name of the promoter.
ED conducted searches in multiple locations in Delhi, Noida, Ghaziabad and Mumbai as part of an ongoing investigation under the Anti-Money Laundering Act (PMLA) (PMLA).
The ED is Gaursons India Pvt. We also searched offices of major business associates, including Gulshan Homz Pvt. and Mahagun Real Estate Pvt.
The investigation is behind the FIR filed by the Economic Crimes Division of Delhi and Uttar Pradesh Police, against Jill, Jal and its promoters and directors, based on various sections of the Indian Penal Code of 1860.
FIR claims massive fraud and criminal conspiracy, including fraudulent induction of home buyers and investors to invest funds under the pretext of allocation of residential apartments and plots in projects such as JIP Wishtown (JIL) and JAPEE Greens (JAL).
Investigation authorities said further investigation is ongoing on the issue.
