Noida homebuyers’ money diverted to F1 track, expressway by Jaypee Infra: ED
Jaypee Infra allegedly diverted homebuyers' money to F1 track, expressway, hospital, and charitable trust, according to the Enforcement Directorate. Of the Rs 32,825 crore collected from 25,000 Noida and Greater Noida homebuyers, Rs 13,833 crore was reportedly misused, meaning 42 paise out of every rupee collected did not contribute to construction.
Manoj Gaur, former CMD of Jaypee Infratech Ltd, was arrested by the ED last November for a 2018 money laundering case. Gaur's salary from Jaiprakash Associates Ltd. ranged from Rs 48.91 crore to 93 times the median pay of his employees between 2009-10 and 2021-22, despite the company making losses. The ED claims the money was diverted through six channels to entities Gaur controlled.
The court observed there was insufficient evidence for bail, and the hearing on bail will continue on August 18. Gaur is expected to respond to the ED's submissions.
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