Noida: The Enforcement Directorate (ED) has issued summons to homebuyers of Jaypee Infratech Ltd (JIL) as part of its ongoing money laundering investigation into the alleged diversion of funds under the company’s insolvency resolution plan.Summons were issued by the Delhi-II Zonal Office of the ED, directing the homebuyers concerned to appear before the agency and submit a status report on their respective projects related to the Jaypee group and to tender statements before the investigating officer.A homebuyer’s representative confirmed that he received a summons two weeks ago and recorded his statement. Sources said several other buyer representatives were also questioned. Delhi Police’s Economic Offences Wing (EOW), which registered an FIR earlier this year based on an ED complaint, also called some homebuyers as part of its parallel criminal investigation.The FIR was lodged last month against Suraksha Realty Ltd and Lakshdeep Investments and Finance Pvt Ltd over the alleged diversion of funds meant for completing stalled JIL housing projects, including Wish Town in Noida. The case invokes IPC sections related to criminal breach of trust, cheating, and criminal conspiracy.According to the ED’s complaint, cited in the FIR, while Rs 125 crore was infused as equity on June 11, 2024, after Suraksha took control of JIL, other financial obligations under the approved resolution plan, including arranging a Rs 3,000 crore credit facility within 90 days, were allegedly not fulfilled within the stipulated period.The agency flagged multiple transactions that it described as prima facie instances of fund diversion. These include Rs 75 crore transferred to ITI Gold Loans, Rs 25 crore to ITI Housing Finance, and Rs 135 crore to ITI Finance. Investigators stated that the funds were traced to fixed deposits maintained by JIL, which were created using homebuyers’ money as well as 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 the proceeds of the 2024 sale of Jaypee Healthcare Ltd to Max Healthcare. From the same transaction, Rs 397 crore was placed in fixed deposits with State Bank of India, while Rs 105 crore was used to purchase a land parcel through a surrender deed dated March 19, 2025.Homebuyers across JIL projects, many of whom were awaiting possession for over a decade, approached NCLT seeking formation of a monitoring committee for the resolution plan’s implementation, citing delays in construction even after the takeover.
