CBI conducted 24 projects in Noida, Noida, Yamuna Expressway; JAL Department 128 Office raided
The Central Bureau of Investigation (CBI), the country's top criminal agency, launched a search on Friday at the marketing office of Jaypee Group, a private-sector real estate developer in Noida, Uttar Pradesh. Investigators conducted raids related to 24 projects located in the Noida, Greater Noida and Yamuna Expressway areas. Some of these projects were founded by Jaypee Group. The development comes after the Supreme Court ordered an investigation into suspected financial violations that were suspected of establishing a link between the alleged lender and the real estate developer.
Jaypee Group's flagship company, Jaiprakash Associates Ltd (JAL), is undergoing corporate bankruptcy proceedings.
CBI attacks at 128 Jaypee's office | Investigators search for documents related to the alleged violation
According to a Supreme Court order on April 29, the latest CBI search is part of its ongoing investigation. Investigators are exploring financial violations in loans approved under the abusive subprogramme program, which could affect thousands of home buyers.
Under the plan, banks pay the builders the funds for their home loans. In some cases, property builders stop paying interest while failing to deliver the project to home buyers. In some cases, home buyers have to bear the burden of no apartment.
Previously, the CBI sought detailed information on the 9 builder projects of the Noida Authority, 11 projects of the Greater Noida Authority and four projects of the Yamuna Development Authority. It requires detailed information about outstanding amounts, layout plans, agreement letters, registry status and builders.
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The CBI launched a raid after receiving the detailed information needed by the authorities.
The CRPF and police secured the house during the search.
Supreme Court Orders on April 29
On April 29, the Supreme Court directed the Yamuna Expressway Industrial Development Authority (YEIDA) to appoint developers to complete the pending residential project of Jaiprakash Associates.
In March, the country's bankruptcy court, the National Company Tribunal ruled that the resolution plans to invite the entire company as a unit to obtain JAL through bankruptcy proceedings.
In cases related to JAL, Jaypee Infratech, ED will conduct a raid
The Enforcement Bureau (ED) conducted a separate search in money laundering-related cases related to entities including Jaypee Infratech and Jaypee Associates. The matter involved allegations of fraud, priced at Rs 120,000 crore against home buyers and investors, as well as checks and transfers of funds.
The country's main financial crime agency, Ed, is conducting raids at 15 venues in Delhi NCR and Mumbai.
