In a press release, the company mentioned Gaur was taken into custody after detailed investigation and evaluation of proof gathered below PMLA in reference to the Jaypee Group.
The probe relies on a number of FIRs filed by the Financial Offences Wings of Delhi and Uttar Pradesh Police on complaints from homebuyers of the Jaypee Wishtown and Jaypee Greens tasks, alleging prison conspiracy, dishonest and prison breach of belief by the corporate and its promoters.
In accordance with ED, funds collected from hundreds of homebuyers for building of residential tasks had been diverted for non-construction functions, leaving tasks incomplete.
The company mentioned its investigation confirmed that of the roughly ₹14,599 crore collected by JAL and JIL from homebuyers (as per claims admitted by NCLT), substantial quantities had been diverted and siphoned off to group entities and trusts, together with Jaypee Sewa Sansthan (JSS), Jaypee Healthcare Ltd. (JHL) and Jaypee Sports activities Worldwide Ltd. (JSIL). It added that Gaur, as managing trustee of JSS, oversaw an entity that obtained a part of the diverted funds.
On Might 23, ED carried out search operations at 15 places in Delhi, Noida, Ghaziabad and Mumbai, together with the places of work and premises of JAL and JIL. The searches led to the seizure of monetary and digital data and paperwork evidencing alleged cash laundering and fund diversion.The company claimed that its investigation has established Gaur's central function in planning and executing the diversion of funds by a fancy net of transactions throughout the Jaypee Group and its related entities.
