JayPee Infratech Money Laundering Case: The troubles of Manoj Gaur, former managing director of Jaypee Infratech, are increasing continuously. After completing five days of ED custody in the money laundering case, he was produced in Delhi’s Patiala House Court on Tuesday. After the end of his custody, the court has ordered to send Manoj Gaur to judicial custody for 14 days.
What is the whole matter?
On November 13 (Thursday), the ED had arrested Manoj Gaur, a renowned builder of Greater Noida, on charges of allegedly defrauding investors in the project and money laundering. After his arrest, Patiala House Court sent him to ED custody for 5 days.
During the hearing in the court, ED officials told that the companies led by Manoj Gaur raised Rs 32,825 crore from home buyers, but out of this, about Rs 13,833 crore was used for other purposes. Overall only Rs 18,000 crore was spent on construction works.
Many complaints filed from investors
The agency alleges that the companies transferred huge amounts of money to various firms and private accounts, due to which thousands of home buyers have not yet been able to get possession of their flats.
Many FIRs have been registered in this matter in Delhi and Uttar Pradesh Police. Investors have complained that they did not get the houses on time and their capital remained stuck. ED told the court that the remand of Manoj Gaur is necessary so that a thorough investigation can be done into the alleged misuse of huge amount of money, transactions done abroad and the role of other related accused.
During ED’s custody, Manoj Gaur’s lawyers argued in the court that he was already cooperating in the investigation and buyers in many of the group’s projects had already got possession of the houses. The Gaur family termed the arrest as unnecessary and demanded reduction in the remand period. However, after hearing all the parties, the court approved the 5-day ED remand, considering it appropriate.
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