New Delhi, Jan 15 (PTI) The Economic Offences Wing (EOW) of Delhi Police has registered a case against Mumbai-based realty firm Suraksha Group for alleged diversion of over Rs 230 crore funds from Jaypee Infratech Ltd (JIL) which were meant for construction of stalled flats of homebuyers.

The ED, sources told PTI, may file a fresh FIR against the Suraksha Group and others taking cognisance of this EOW FIR.

On June 4, 2024, Suraksha Group took control of JIL following the insolvency appellate tribunal NCLAT decision upholding its bid to acquire JIL.

The Corporate Insolvency Resolution Process (CIRP) against JIL was started in August 2017 over an application by the IDBI Bank-led consortium. On March 7, 2023, the National Company Law Tribunal (NCLT) approved the bid of the Suraksha group to acquire JIL.

The FIR, filed on January 1, has been registered on the basis of inputs and evidence shared by the Enforcement Directorate (ED) against the Suraksha group, its linked entity Lakshdeep Investments and Finance Pvt Ltd and some others.

The EOW has named the three entities as accused in the FIR.

The ED is investigating Jaypee group companies -- JIL and Jaiprakash Associates Ltd (JAL) -- and associated entities as part of a money laundering investigation into a "large-scale" fraud and misappropriation of funds that were collected from the homebuyers of the Jaypee Wishtown and Jaypee Greens residential projects in Noida.

The federal probe agency, in June 2025, sent an official communication to the EOW under section 66(2) of the Prevention of Money Laundering Act (PMLA) claiming its probe found that the Suraksha Group was engaged in "diverting" funds of Rs 235 crore from the books of the JIL, that were intended for the construction of stalled apartments. This, it alleged, was a "breach of trust" and "cheating" of homebuyers.

"The delayed infusion of equity, combined with the allocation of significant funds to entities linked to Lakshdeep Investments and Finance Private Limited and the ITI Group, raises serious concerns about the misuse of resources meant for the benefit of Jaypee Infratech Ltd homebuyers," the ED said in its communication.

The ED letter has been appended in the EOW FIR.

It also added that the financial conduct of Suraksha Realty was "inconsistent" with the objectives of the resolution plan approved by the NCLT.

The ED, under section 66(2), is empowered to share information and evidence regarding an offence with the police or a designated law enforcement agency and following this, it can take cognisance to book a fresh case against the accused entities under the anti-money laundering law.

Suraksha Group was not immediately available for a comment on the development.

Early this week, the Group had issued a press statement saying 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 to bankers more than 2,500 acres of land and nearly Rs 1,300 crore by way of issuing non-convertible debentures. It also proposed to complete around 20,000 apartments in various stalled projects over the next four years. PTI NES/MJH ZMN

Suraksha Group: FIR alleges diversion of funds meant for stalled homebuyers, ED may pursue PMLA probe. The EOW registered an FIR against Suraksha Group, Lakshdeep Investments and others based on Enforcement Directorate inputs under section 66(2) of the Prevention of Money Laundering Act alleging diversion of about Rs 235 crore from Jaypee Infratech Ltd that were intended for construction of stalled apartments, constituting breach of trust and cheating of homebuyers; the ED appended its communication and indicated it may file a fresh PMLA case, asserting Suraksha's allocations to linked entities were inconsistent with the approved resolution plan.