The Economic Offences Wing (EOW) of Delhi Police has registered a case against Suraksha Realty Ltd and Lakshdeep Investments and Finance Private Ltd based on a complaint filed by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA).
The FIR, filed on January 1 and accessed by HT, alleges cheating, criminal breach of trust, and criminal conspiracy in the implementation of the resolution plan for debt-ridden Jaypee Infratech Ltd (JIL).
Suraksha Group, which is associated with both the entities named in the FIR, refused HT’s requests for comment on the development.
When contacted, Delhi Police officials, who asked not to be identified, confirmed filing of the FIR, but refused to divulge details of the probe.
ED’s complaint, submitted in July 2024, is part of an ongoing money-laundering probe linked to Jaypee Infratech and its former promoters. In November 2025, ED arrested Manoj Gaur, former promoter of Jaiprakash Associates Ltd, concerning the alleged diversion of homebuyers’ funds.
The National Company Law Tribunal (NCLT) had approved a resolution plan from the Suraksha-led consortium in March 2023, which was upheld by the appellate tribunal (NCLAT) in May 2024. The plan committed to reviving JIL by settling debts, completing over 20,000 stalled flats within four years, and addressing claims of homebuyers ( ₹12,806 crore) and financial creditors ( ₹9,783 crore).
However, the FIR alleges critical financial commitments under the plan remain unfulfilled. While ₹125 crore was infused as equity after Suraksha took over JIL in June 2024, the remaining stipulated funding – including another ₹125 crore in debt and a ₹3,000 crore credit facility — has not been arranged, it stated.
Investigators allege that instead, funds meant for project completion were diverted. The FIR points to money from homebuyer deposits and Yamuna Expressway toll revenue being routed to group-linked entities like ITI Gold Loans and ITI Housing Finance. It also cites a ₹107 crore investment in ITI Mutual Fund allegedly funded from the sale of Jaypee Healthcare Ltd.
The allegations emerge even as Suraksha announced last week that it has completed 5,989 flats across 63 towers at Jaypee Wish Town since taking over. The group did not respond to requests for comment on the FIR.
With inputs from Karan Pratap Singh