ED attaches ₹400 crore assets in Jaypee group homebuyers’ case

The action under the provisions of the Prevention of Money Laundering Act (PMLA) is linked to the probe against Jaypee group companies-- Jaypee Infratech Ltd (JIL) and Jaiprakash Associates Ltd (JAL)-- and associated entities in a "large-scale fraud" and misappropriation of funds that were collected from the homebuyers of the Jaypee Wishtown and Jaypee Greens projects in Noida.

The federal probe agency said in a statement that a provisional order has been issued to attach immovable assets belonging to Jaiprakash Sewa Sansthan (JSS) and Page 3 Buildtech Private Limited, having a combined current market value of ₹400 crore. It was not mentioned by the ED as to what amount belonged to each of the two parties.

Gaur, arrested by the ED in November and currently in jail under judicial custody, is the managing trustee of JSS while Page 3 Buildtech is "controlled and beneficially owned" by Katiyal, founder of Noida-based Investors Clinic.