NEW DELHI: The Economic Offenses Wing (EOW) of Delhi Police has registered a case against Mumbai-based real estate firm Suraksha Group for allegedly misusing over Rs 230 crore funds of Jaypee Infratech Ltd (JIL) meant for construction of stalled flats of homebuyers.The ED, sources told PTI, may file a fresh FIR against the Suraksha Group and others who take note of this EOW FIR.
On June 4, 2024, Suraksha Group took control of JIL following the NCLAT Insolvency Tribunal’s decision upholding the bid to acquire JIL.
The Corporate Insolvency Resolution Process (CIRP) against JIL was initiated in August 2017 based on an application by the IDBI Bank-led consortium. On March 7, 2023, the National Company Law Tribunal (NCLT) approved the Suraksha group’s bid to acquire JIL.
The FIR, filed on January 1, has been registered based on inputs and evidence shared by the Enforcement Directorate (ED) against the Suraksha group, its affiliated entity Lakshdeep Investments and Finance Pvt Ltd and some others.The EOW has named the three entities as suspects in the FIR.
The ED is probing Jaypee group companies – JIL and Jaiprakash Associates Ltd (JAL) – and associated entities as part of a money laundering probe into a ‘large-scale’ fraud and misappropriation of money collected from the home buyers of Jaypee Wishtown and Jaypee Greens residential projects in Noida.
The federal probe agency sent an official notice to the EOW in June 2025 under Section 66 (2) of the Prevention of Money Laundering Act (PMLA), alleging that the investigation had revealed that the Suraksha Group was in the process of ‘diverting’ funds of Rs 235 crore from the JIL’s books, which were meant for construction of stalled apartments. This, it claimed, was a “breach of trust” and “deception” of homebuyers.
“The delayed infusion of equity, coupled with the allocation of significant funds to entities associated with Lakshdeep Investments and Finance Private Limited and the ITI Group, raises serious concerns about misuse of funds meant for the benefit of homebuyers of Jaypee Infratech Ltd,” the ED said in its notice.
The ED letter has been attached to the EOW FIR.
It also added that the financial conduct of Suraksha Realty was “contrary” to the objectives of the resolution plan approved by the NCLT.
The ED is empowered under Article 66(2) to share information and evidence relating to a criminal offense with the police or a designated law enforcement agency and may subsequently take cognizance of the same to file a fresh case against the accused entities under the Anti-Money Laundering Act.
Suraksha Group was not immediately available for comment on the development.
Early this week, the Group had issued a press statement stating that Suraksha has completed construction work of nearly 6,000 units across 63 residential towers in Noida.
In its final resolution plan, the Suraksha group offered bankers over 2,500 acres of land and nearly Rs 1,300 crore through the issuance of non-convertible debentures. It also proposed completing around 20,000 apartments in various stalled projects over the next four years.
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