The attachment, announced in a press release dated January 7, targets entities linked to Jaypee promoters in a case involving misappropriation of funds collected from homebuyers for the delayed Jaypee Wishtown and Jaypee Greens projects in Noida.

The ED’s Delhi Zonal Office initiated the probe based on multiple FIRs filed by the Economic Offences Wing (EOW) of Delhi and Uttar Pradesh Police. These complaints, lodged by affected homebuyers, accuse Jaypee Infratech Ltd (JIL), Jayprakash Associates Ltd (JAL), and their promoters—including Manoj Gaur—of criminal conspiracy, cheating, and breach of trust.

Investigation findings reveal that JAL and JIL collected around ₹14,599 crore from over 25,000 homebuyers (as per claims admitted by the NCLT). However, substantial portions were allegedly diverted for non-construction purposes and siphoned off to related entities, including Jaypee Sewa Sansthan (JSS), Jaypee Healthcare Ltd (JHL), and Jaypee Sports International Ltd (JSIL).

Manoj Gaur, the Managing Trustee of JSS, is accused of playing a central role in orchestrating the diversions through a complex web of transactions. Assets were also allegedly transferred to Page 3 Buildtech Private Limited, controlled by Honey Katiyal.

The probe intensified with ED searches on May 23, 2025, at 15 locations in Delhi, Noida, Ghaziabad, and Mumbai, yielding incriminating financial records and documents. Manoj Gaur was arrested on November 13, 2025, under Section 19 of the Prevention of Money Laundering Act (PMLA) and remains in judicial custody.

Thousands of homebuyers have been left stranded with incomplete projects for years, highlighting broader issues in the real estate sector.

The ED stated that further investigation is underway. This action comes amid prolonged insolvency proceedings against Jaypee Infratech, which was acquired by Suraksha Group in 2021 to resolve the crisis affecting homebuyers.

Also Read: Share of Real Estate in Recoveries Under IBC Rises to 18.8%

The post ED Attaches ₹400 Crore Assets in Jaypee Group Money Laundering Probe Over Homebuyers’ Fraud appeared first on Square Feat India.

Katyal was produced before the Special PMLA Court in Gurugram, which granted six days of ED custody for custodial interrogation.

The Case: 10+ Years of Delayed Homes, Fraudulent Bookings, and ₹300 Crore ‘Proceeds of Crime’

ED initiated the probe based on multiple FIRs filed by the Gurugram Police and Delhi Police Economic Offences Wing (EOW). The case revolves around Krrish Florence Estate, a proposed residential project at Sector 70, Gurugram, spread across 14 acres. The project has been stuck for more than a decade.

Key findings of ED investigation:

1. Fraudulent Licensing & Early Collection of Money

• Katyal allegedly procured the construction license fraudulently from another developer.
• He began collecting money from homebuyers even before obtaining approval from DTCP Haryana.
• The total Proceeds of Crime (POC) from the activity exceed ₹300 crore.

2. Project Stalled for 10 Years

• Only three towers were partially constructed.
• The project never moved forward, forcing homebuyers to initiate insolvency proceedings.

3. Fraud in Government Housing Project

ED found fraudulent allotments made to third parties in a housing project meant for Central Government employees, indicating systematic diversion of flats and funds.

4. Undervalued Land Sale During Insolvency

Katyal allegedly sold 2 acres of the licensed land — valued at ₹130 crore — to outsiders at undervalued rates, violating the Insolvency and Bankruptcy Code (IBC).

5. Diversion of Public Sector Bank Loans

A PSU bank reportedly suffered a loss of ₹80 crore due to loans being routed through fraudulent transactions, ED found.

Multiple Cases, Same Modus Operandi

Katyal is also named in FIRs linked to other stalled projects including:

• Krrish World (Sector 63, Gurugram)
• Province Estate
• Other group projects reportedly following the same pattern — early collection, diversion of funds, no delivery.

Political Link: Why Katyal’s Arrest Matters

According to several national media reports, Amit Katyal has long been considered a close associate of RJD supremo Lalu Prasad Yadav and has figured in investigations involving land-for-job and land deals linked to political circles.
While the ED press release does not mention political connections, the arrest has significant political overtones, given past allegations around real-estate dealings involving political aides and land aggregation networks.

Impact on Homebuyers and the Real Estate Market

This arrest signals a tougher enforcement stance on:

• Fake bookings
• Pre-approval fund collections
• Diversion of construction funds
• Misuse of IBC to sell undervalued land

For Gurugram and NCR homebuyers — who face hundreds of stalled projects — the action is expected to push other state agencies and developers to expedite long-delayed projects.

Further Investigation Underway

ED has stated that searches, fund-tracing, and property attachment actions may follow as the investigation proceeds.

Also Read: PMAY Homebuyers Cheated: ED Arrests OSBPL Head for Fraud, Fund Diversion and Cash-Based Resale Racket

The post Lalu Prasad Yadav’s Close Aide Amit Katyal Arrested in ₹300-Crore Real Estate Fraud: ED Cracks Down appeared first on Square Feat India.

Allegations of Forgery and Fraud

According to Macrotech Developers, HoABL orchestrated a scheme to deceive customers by falsely presenting itself as part of the Lodha Group, India’s leading real estate company. The alleged fraud involved forging a board resolution and a PAN card belonging to Ashwani Kumar, an independent director of Macrotech Developers and the former Chairman and Managing Director (CMD) of Dena Bank.

The alleged forged resolution, dated July 24, 2022, purportedly allowed the creation of four new companies using the Lodha name:

1. Lodha Landbuild Infrastructure Pvt Ltd
2. Lodha Bhoomi Nirman Pvt Ltd
3. Lodha Land Design Infra Pvt Ltd
4. Lodha Pictorials Landinfra Pvt Ltd

Macrotech Developers asserts that no such board meeting took place on the claimed date and that the resolution is entirely fabricated, including the letterhead, company stamp, and the director’s signature. Additionally, the PAN card presented as belonging to Ashwani Kumar allegedly contained a different photograph and signature, raising questions about identity theft and impersonation.

The Alleged Scheme

Macrotech claims that the scheme began in 2022 when Varpan Land Developers Pvt Ltd, a lesser-known company under HoABL, allegedly passed a board resolution on July 12, 2022, to change its name to Lodha Landbuild Infrastructure Pvt Ltd or Lodha Bhoomi Nirman Pvt Ltd. Shortly afterward, the alleged forged resolution was used to seek name changes and register new entities under the Lodha brand.

Within weeks, on August 4, 2022, the Registrar of Companies (RoC) in Manesar, Haryana, approved the name change request, allowing HoABL to use the Lodha name. Subsequently, HoABL began marketing one of its projects in Goa under the Lodha Landbuild Infrastructure name. According to Macrotech, the project was sold under the Lodha name between September 2022 and April 2023.

Once the project sales progressed, HoABL allegedly changed the name of the company to “HOABL Landbuild Infrastructure Pvt Ltd” in April 2023, in an attempt to cover its tracks and distance itself from the Lodha brand.

Macrotech Developers’ Response

In its statement, Macrotech Developers expressed shock at the scale of the alleged conspiracy and the misuse of government systems. The company stated:

“It is a clear-cut case of forgery, fraud, and impersonation with intent to cheat and deceive. The concerned entities and individuals have created a completely fake resolution of Macrotech Developers Ltd (‘Lodha’) including a false letterhead, false company stamp, false board meeting date, and content which we have never approved, with a false sign of our Independent Director which is nowhere close to his actual signature.”

Macrotech has stated that it is exploring legal action against HoABL and has submitted a detailed report to the stock exchanges.

Legal Implications and Next Steps

If proven true, these allegations could have significant legal repercussions, including charges of forgery, fraud, impersonation, and criminal conspiracy. The use of forged documents to mislead customers and government authorities could result in serious penalties.

As of now, HoABL has not publicly responded to the allegations. Further investigations are likely to follow as Macrotech pursues legal remedies to address the alleged forgery and identity theft.

Also Read: I DIRECT YOU: MANJU LODHA URGES ABHISHEK & ABHINANDAN TO END FEUD, REMEMBERING RAM & LAXMAN

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