ED raids Jaypee, Gaursons premises in ₹12,000cr money laundering case
What's the story
The Enforcement Directorate (ED) launched a massive search operation in connection with an alleged ₹12,000 crore money laundering case on Friday. According to ANI, the searches were conducted under the Prevention of Money Laundering Act (PMLA) and targeted major real estate players such as Jaypee Infratech and Jaypee Associates Limited. The raids are being carried out at 15 locations across Delhi-NCR and Mumbai.
Targeted locations
ED targets offices, assets of major builders
The ED raids are not only limited to the Jaypee group but also target other prominent builders like Gaursons, Gulshan, Mahagun and Suraksha Realty. The agency is probing allegations of criminal breach of trust, financial fraud and illegal fund diversion. The ED is probing allegations that funds collected from thousands of homebuyers and investors were misused or siphoned off. The ongoing raids are aimed at collecting documents, digital evidence and financial records to trace the money trail.