NOIDA: The Enforcement Directorate (ED) has summoned homebuyers of Jaypee Infratech Ltd (JIL) as part of an ongoing money laundering investigation regarding the alleged misallocation of funds within the company’s insolvency resolution plan.
Summons were issued by the Delhi-II Zonal Office of the ED, directing affected homebuyers to appear before the agency and provide updates on their respective projects related to the Jaypee group, as well as to submit statements to the investigating officer.
A representative for the homebuyers confirmed receiving a summons two weeks ago and has since recorded a statement. Reports indicate that several other buyer representatives have also been questioned.
The Delhi Police’s Economic Offences Wing (EOW), which initiated an FIR earlier this year based on an ED complaint, has also summoned some homebuyers for its separate criminal investigation.
Last month, the FIR was filed against Suraksha Realty Ltd and Lakshdeep Investments and Finance Pvt Ltd for allegedly diverting funds intended for completing stalled housing projects by JIL, including Wish Town in Noida. The charges include criminal breach of trust, cheating, and criminal conspiracy under IPC sections.
According to the ED’s complaint referenced in the FIR, while Rs 125 crore was injected as equity on June 11, 2024, after Suraksha assumed control of JIL, other financial obligations outlined in the approved resolution plan, such as arranging a Rs 3,000 crore credit facility within 90 days, were purportedly not met within the required timeframe.
The agency has highlighted several transactions as prima facie evidence of fund diversion, including Rs 75 crore to ITI Gold Loans, Rs 25 crore to ITI Housing Finance, and Rs 135 crore to ITI Finance. Investigators noted that these funds were linked to fixed deposits held by JIL, generated using homebuyers’ payments and toll revenue from the Yamuna Expressway, where Jaypee was the concessionaire.
The ED further alleged that Rs 107 crore was invested in ITI Mutual Fund from proceeds of the 2024 sale of Jaypee Healthcare Ltd to Max Healthcare. Additionally, Rs 397 crore was placed in fixed deposits with the State Bank of India, and Rs 105 crore was designated for purchasing a land parcel through a surrender deed dated March 19, 2025.
Homebuyers from various JIL projects, many of whom have been awaiting possession for over a decade, have approached the NCLT requesting the establishment of a monitoring committee to oversee the implementation of the resolution plan, citing construction delays even after the takeover.
