Who is Manoj Gaur? ED Arrests Jaypee Infratech MD in ₹12,000-Crore Money Laundering Case

Manoj Gaur, the Managing Director of Jaypee Infratech Ltd (JIL), has been detained by the Enforcement Directorate (ED) as part of the investigation into a huge money laundering case under the Prevention of Money Laundering Act (PMLA) amounting to ₹12,000 crores. The investigators are claiming Gaur’s participation in the diversion and misappropriation of the funds that were raised from the thousands of homebuyers for the housing projects that have not been completed yet.

Case Background

The investigation dates back to the year 2017, when homebuyers held very large protests and the first information reports (FIRs) were registered against the company. The buyers accused Jaypee Infratech Ltd and its parent firm Jaiprakash Associates Ltd (JAL) of deceiving them, committing a criminal conspiracy, and misusing the funds. The housing projects, namely, Jaypee Wishtown and Jaypee Greens, reportedly started collecting money from the buyers as far back as 2010–11, but did not hand over the possession of the apartments because of the alleged misuse of funds.

Involvement of Manoj Gaur and Evidence Gathered

According to the ED, Gaur was the mastermind behind the mismanagement of finances and the transfer of funds to other Jaypee Group businesses. The searches conducted at 15 different places in Delhi, Noida, Ghaziabad, and Mumbai resulted in the gathering of cash amounting to ₹1.7 crore, digital data, and property documents.

Company in Crisis

Jaypee Infratech, which used to be a prominent builder in the NCR, went bankrupt in 2017 due to massive defaults. The ED’s operation to follow the track of the diverted money and reveal the extent of the claimed financial fraud is still going on.