Jaypee Infratech Ex-Chief Surrenders: A Web of Fraudulent Finances
Manoj Gaur, former MD of Jaypee Infratech, has surrendered to authorities after his regular bail plea was rejected in a money laundering case associated with homebuyers' fraud. The allegations involve diversion of funds worth over Rs 33,000 crore, leaving numerous residential projects incomplete.
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- India
In a significant legal development, Manoj Gaur, the former Managing Director of Jaypee Infratech, has surrendered to Tihar Jail authorities following the rejection of his regular bail plea by a Delhi court. Gaur is implicated in a high-profile money laundering case connected to an alleged homebuyers' fraud.
The allegations against Gaur, also a non-executive director and chairman of Jaiprakash Power Ventures Ltd, include cheating and criminal breach of trust. The court noted that while thousands of homebuyers were misled, Gaur allegedly enjoyed the proceeds of crime.
The Enforcement Directorate (ED) arrested Gaur in connection to a widespread scam wherein over Rs 33,000 crore collected from homebuyers for residential projects was allegedly diverted. Two companies—Jaiprakash Associates Limited and Jaypee Infratech Limited—are under scrutiny for leaving projects incomplete after drawing substantial investments.
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