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Delhi court sends former Jaypee Infratech MD to 14 days' judicial custody
A Delhi court on November 18 sent former Jaypee Infratech MD Manoj Gaur, arrested in a money laundering case, to 14 days' judicial custody
New Delhi, Nov 18 (PTI) A Delhi court on Tuesday sent former Jaypee Infratech MD Manoj Gaur, arrested in a money laundering case, to 14 days' judicial custody.
On November 13, he was remanded to five-day custody of the Enforcement Directorate.
Gaur was produced before a sessions court on completion of his custodial interrogation, following which it allowed the agency’s plea seeking 14-day jail for the accused.
The ED arrested Gaur on November 13 in a case linked to a ₹14,599 crore "fraud" with homebuyers.
The federal agency alleged that the funds collected from thousands of homebuyers for the construction and completion of residential projects were diverted for purposes other than construction, defrauding the buyers and leaving their projects incomplete.
It claimed that two companies, Jaiprakash Associates Ltd (JAL) and Jaypee Infratech Ltd (JIL), collected over ₹33,000 crore for the construction of residential projects -- Jaypee Wishtown and Jaypee Greens -- in Noida and Greater Noida, respectively.
The ED launched the investigation against the Jaypee Group based on multiple FIRs registered by the Economic Offences Wings (EOW) of Delhi and Uttar Pradesh police, based on complaints filed by homebuyers of Jaypee Wishtown and Jaypee Greens projects, alleging criminal conspiracy, cheating and criminal breach of trust against the company and its promoters.
On May 23, the agency conducted searches at 15 locations in Delhi, Noida, Ghaziabad and Mumbai, including the offices and premises of JAL and JIL.
