India, Nov. 14 -- The Enforcement Directorate (ED) on Thursday arrested Manoj Gaur, former Executive Chairman and Chief Executive Officer of M/s Jaiprakash Associates Ltd (JAL) and former Chairman and Managing Director of M/s Jaypee Infratech Ltd (JIL), in connection with a money-laundering probe linked to the alleged diversion and misuse of funds worth Rs 14,599 crore collected from homebuyers.
The ED initiated its investigation into the Jaypee Group on the basis of multiple FIRs registered by the Economic Offences Wings (EOW) of Delhi and Uttar Pradesh Police, following complaints filed by homebuyers of the Jaypee Wish Town and Jaypee Greens projects. The complaints alleged criminal conspiracy, cheating and breach of trust by the company...