Case registered against security group
Jaypee Wish Town, located in Sector 128, Noida, was once called the city of dreams, but today it has become a monument of endless wait and betrayal for more than 17,000 families. Home buyers who had been making rounds of courts and builder’s offices for the last decade, thought that with the arrival of ‘Suraksha Group’, better days would come for them. But now the news that has come has dashed even their true hopes.
After sensational revelations in the investigation of the Enforcement Directorate (ED), the Economic Offenses Wing (EOW) of Delhi Police has registered an FIR against Suraksha Realty and its associate company Lakshdeep Investments. The matter is very serious. The allegation is that the money that common buyers like you and us paid for their houses, was diverted to other companies instead of being used in constructing flats.
The security group had come as ‘troubleshooters’ but…
It is important to go back a little and understand the story. When Jaypee Infratech Limited (JIL) went bankrupt, a long legal battle ensued. In this battle, the security group had won by defeating the government company NBCC. NCLT approved the plan of Suraksha Group in March 2023 and NCLAT in May 2024.
The security profile was presented as that of a ‘savior’. His promise was that he would complete all the stalled flats within 4 years. For this, he had to raise credit (loan facility) of Rs 3,000 crore within 90 days and put in Rs 125 crore as equity. But ED says that nothing like this happened. On the contrary, the money already in JP’s accounts started being diverted.
Suraksha Group is not a small name, but a big player in the corporate world. The command of this group is in the hands of veteran industrialist Sudhir V. Walia, who has been the co-founder of the country’s famous pharmaceutical company Sun Pharmaceuticals. Sudhir Walia’s profile is not limited to pharma only, his business extends to real estate, banking (BFSI), infrastructure and rescue of ‘distressed assets’ (assets in financial crisis).
On the basis of this experience and strong financial credentials, Suraksha Group had acquired the bankrupt Jaypee Infratech (JIL). This deal was considered a ray of new hope for thousands of home buyers of Jaypee. After the acquisition, to bring the company’s operations back on track, Alok Champak Dave was appointed Managing Director and CEO, while Sudhir Walia himself became a non-executive director on the board. Buyers felt that if a big name like Walia was associated, their flats hanging in the sky for years would soon be completed. But now the FIR and ED investigation into fund diversion have tarnished the credibility of this high-profile group.
How was public money diverted?
The details contained in the FIR are enough to boggle the mind of any common man. Jaypee Infratech had kept the buyers’ deposits and the toll tax money coming from Yamuna Expressway in the form of fixed deposits (FD). Suraksha Group is accused that instead of bringing new money to build flats, it started sending the same deposited capital to its own group companies. In the ED investigation, the entire trail of this money transaction has been exposed.
- Rs 75 crore was given to ‘ITI Gold Loans’. This is a company in which Lakshdeep (Suraksha’s partner) has 46% stake. It was named ‘Loan’.
- Rs 25 crore was sent to ‘ITI Housing Finance’, in which Lakshdeep has 59% stake.
- Rs 135 crore was given to ‘ITI Finance’, where Lakshdeep has 37% stake. The reason given was ‘Vehicle Loan Financing’.
The hospital was sold but the money was not used to build a house.
The matter does not stop just here. Jaypee Infra had a subsidiary company—Japee Healthcare. It was sold to Max Healthcare in 2024. By law, the money received from this sale should have been used directly for construction. But ED alleges that there was a game here too. Out of this money, Rs 107 crore was invested in ‘ITI Mutual Fund’. This fund is also part of the ITI Group associated with Lakshadweep. Surprisingly, the director of the holding company of ITI Group is Chintan Vijay Walia, who is the son-in-law of Suraksha Group promoter Sudhir Walia. That means the money kept circulating between the family and known companies. Of the remaining sale amount, Rs 397 crore was deposited in SBI FD and a plot was purchased from ICICI Bank with Rs 105 crore.
flats hanging in the sky
This whole matter is about the feelings of those 20,000 people who have been waiting for their homes since 2010-11. These flats should have been available in 2014-15. Today it is 2026 but many towers are still standing only as concrete structures. Ashish Mohan Gupta, President of JIL Real Estate Allottees Welfare Society, says that their fears have proved true. He had already expressed apprehension that funds were being diverted, and now the ED report and the police FIR have confirmed it.
However, Suraksha Group had recently claimed that it has completed the work of 5,989 flats after the takeover. But thousands of works are still left in the huge Wish Town with 159 towers. The way a case has been registered against the promoters under sections 406 (breach of trust), 420 (fraud) and 120B (conspiracy), there is a danger of the project getting stuck again. ED has already arrested JP’s old promoter Manoj Gaur (in November 2025). Now it remains to be seen how fast the law does its work. Will home buyers’ money come back and flats be built, or will Wish Town remain just a ‘wish’?