The raids are being carried out in Delhi-NCR and Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA), they said.

The searches are in the case related to Jaypee Infratech, Jaypee Associates Limited and others for alleged fraud with homebuyers and investors of around Rs 12,000 crore and linked “diversion” of funds, they said.

Asociated entities of the group like Gaursons, Gulshan, Mahagun and Suraksha Reality are also being covered, the sources said.

There was no immediate response from the companies concerned. PTI NES DV DV