The security we trusted has played a trick on us? Home construction money has disappeared, and 17,000 Jaypee flats are hanging in the balance!

Jaypee Wish Town, located in Sector 128, Noida, was once known as the city of dreams, but today it has become a monument to endless waiting and deception for over 17,000 families. 

Homebuyers, who had been running around courts and builder offices for the past decade, believed that the arrival of Suraksha Group would bring them better days. But the news that has come now has dashed their remaining hopes.

Following sensational revelations from an Enforcement Directorate (ED) investigation, the Delhi Police's Economic Offences Wing (EOW) has filed an FIR against Suraksha Realty and its subsidiary, Lakshdeep Investments. 

The matter is extremely serious. The allegations are that the money that ordinary buyers like you and me paid for their homes was diverted to other companies instead of being invested in building the flats.

The security group had come as a 'troubleshooter' but...

It's important to go back a bit to understand the story. Jaypee Infratech Limited (JIL) went bankrupt, leading to a protracted legal battle. 

Suraksha Group prevailed, defeating the state-owned NBCC. In March 2023, the NCLT approved Suraksha Group's plan, and in May 2024, the NCLAT approved it.

Suraksha was portrayed as a "savior." He promised to complete all stalled flats within four years. To achieve this, he was required to raise ₹3,000 crore in credit within 90 days and inject ₹125 crore as equity. However, the ED claims neither of these things happened. Instead, funds already in Jaypee's accounts were diverted.

Suraksha Group is no small name, but a major player in the corporate world. The group is led by veteran industrialist Sudhir V. Walia, co-founder of India's renowned pharmaceutical company, Sun Pharmaceuticals. 

Sudhir Walia's profile is not limited to pharmaceuticals; his business interests span real estate, banking (BFSI), infrastructure, and the rescue of distressed assets.

Based on this experience and substantial financial standing, the Suraksha Group acquired the bankrupt Jaypee Infratech (JIL). This deal was considered a ray of hope for thousands of Jaypee homebuyers. Following the acquisition,

Alok Champak Dave was appointed Managing Director and CEO to bring the company back on track, while Sudhir Walia himself became a non-executive director on the board. 

Buyers believed that with a prominent name like Walia, their flats, which had been pending for years, would soon be completed. However, the FIR and ED investigation into fund diversion have now tarnished the reputation of this high-profile group.

How was public money diverted?

The details in the FIR are enough to baffle any layperson. Jaypee Infratech held buyers' deposits and Yamuna Expressway toll tax money in the form of fixed deposits (FDs). 

Suraksha Group is accused of diverting this money to its own group companies instead of raising new funds to build the apartments. The ED investigation has uncovered the entire financial trail.

The hospital was sold but the money was not used to build a house.

The matter doesn't end there. Jaypee Infra had a subsidiary—Jaypee Healthcare—which was sold to Max Healthcare in 2024. Legally, the proceeds from this sale should have been used directly for construction. 

However, the ED alleges that irregularities occurred here as well. ₹107 crore of this money was invested in the ITI Mutual Fund, which is also part of the ITI Group, linked to Lakshdeep. Surprisingly, the director of the ITI Group's holding company is Chintan Vijay Walia, son-in-law of Suraksha Group promoter Sudhir Walia. 

This means that the money continued to circulate between family and known companies. Of the remaining sale proceeds, ₹397 crore was invested in an SBI FD, and ₹105 crore was used to purchase a plot from ICICI Bank.

flats hanging in the sky

This entire matter concerns the sentiments of 20,000 people who have been waiting for their homes since 2010-11. These flats should have been delivered in 2014-15. It's 2026, but many towers still stand as mere concrete structures. 

Ashish Mohan Gupta, president of the JIL Real Estate Allottees Welfare Society, says his fears have been proven true. He had previously suspected diversion of funds, and now the ED report and police FIR have confirmed this.

Although the Suraksha Group recently claimed to have completed construction of 5,989 flats since the takeover, thousands of works remain pending in the sprawling Wish Town, comprising 159 towers. 

The filing of cases against the promoters under sections 406 (criminal breach of trust), 420 (cheating), and 120B (conspiracy) has put the project in danger of stalling again. 

Jaypee's former promoter, Manoj Gaur, has already been arrested by the ED (in November 2025). 

Now it remains to be seen how swiftly the law takes its course. Will homebuyers' money be returned and flats built, or will Wish Town remain just a wish?