ED attaches ₹400 crore assets in Jaypee group homebuyers’ case

The Enforcement Directorate (ED) has provisionally attached immovable assets with a current market value of about ₹400 crore in connection with a probe involving Jaypee Infratech Limited (JIL), Jayprakash Associates Limited (JAL) and associated entities, over the alleged misappropriation of funds collected from homebuyers for the Jaypee Wishtown and Jaypee Greens projects.

The agency said the attached properties belong to Jaiprakash Sewa Sanstha and Page 3 Buildtech Private Limited.

The ED investigation against the Jaypee group is based on several first information reports registered by the police in Delhi and Uttar Pradesh, following complaints filed by homebuyers of the Jaypee Wishtown and Jaypee Greens projects, alleging criminal conspiracy, cheating and criminal breach of trust against JIL and JAL and their promoters and directors, including Manoj Gaur.

“It has been alleged that the funds collected from thousands of homebuyers for construction and completion of residential projects were diverted for purposes other than construction, leaving the homebuyers defrauded and their projects incomplete,” the ED said.

According to the agency, of about ₹14,599 crore collected by JAL and JIL from more than 25,000 homebuyers, as per claims admitted by the National Company Law Tribunal, substantial amounts were diverted for non-construction purposes and siphoned off to related group entities, including Jaypee Sewa Sansthan (JSS), Jaypee Healthcare Limited (JHL), and Jaypee Sports International Limited (JSIL).

As alleged, Mr. Gaur is the managing trustee of JSS, which received part of the diverted funds. The ED investigation has also allegedly established diversion of assets of JIL and JAL by him to other entities, including Page 3 Buildtech Private Limited, which is “controlled and beneficially owned by Honey Katiyal”.

Earlier, on May 23, 2025, the ED had searched 15 locations in Delhi, Noida, Ghaziabad, and Mumbai, including the offices and premises of Jaiprakash Associates and Jaypee Infratech.

“The investigation has established the central role of Manoj Gaur in the planning and execution of the fund diversion through a complex web of transactions within the Jaypee group and its associated entities. Manoj Gaur was arrested on November 13, 2025, and is presently in judicial custody,” the agency added.