ED conducts raids on Jaypee Infratech, others in ₹12,000 cr fraud

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ED conducts raids on Jaypee Infratech, others in ₹12,000 cr fraud - Business Standard

Quick Summary:

The Enforcement Directorate on Friday conducted searches at multiple locations as part of a money laundering probe against Jaypee Infratech, Jaypee Associates and some others in a Rs 12,000 crore investment fraud case, official sources said.

The searches are in the case related to Jaypee Infratech, Jaypee Associates Limited and others for alleged fraud with homebuyers and investors of around Rs 12,000 crore and linked "diversion" of funds, they said.

The raids are being carried out in Delhi-NCR and Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA), they said.