ED Seizes ₹1.8 Cr Cash, Freezes ₹99 Cr Assets Of Jai Corp Director Anand Jain In ₹2,434-Cr Fraud Probe

Mumbai: The Enforcement Directorate (ED) has seized around Rs 1.8 crore in cash and frozen fixed deposits and mutual fund investments worth approximately Rs 99 crore during search operations carried out in connection with its ongoing probe into an alleged Rs 2,434-crore financial fraud involving industrialist Anand Jaikumar Jain, a director of Jai Corporation Limited, officials said.

Cash Recovered from Peddar Road Residence

According to sources, the entire cash amount of Rs 1.8 crore was recovered from Jain’s Peddar Road residential premises during searches conducted under the Prevention of Money Laundering Act (PMLA)2002. The ED has also frozen fixed deposits and mutual fund investments worth about Rs 99 crore linked to Jain, his associates, and a network of companies, including Jai Corporation Limited, its sister concerns, and a business partner.Officials said the move aims to prevent any dissipation or transfer of suspected proceeds of crime during the ongoing investigation.

The ED is scrutinising bank accounts, investment portfolios, and transaction records to map the alleged money trail and identify assets generated from the purported fraud. Digital devices and financial documents seized during the searches are also under examination.

Statements of Anand Jain and Son Recorded

The ED has recorded preliminary statements of Anand Jain and his son Harsh Jain, who is a co-founder of Dream Sports, the parent company of fantasy sports platform Dream11. Officials said the questioning primarily focused on the source, ownership and financial transactions linked to the seized cash and frozen assets.

An ED official clarified that no cash, bank account, fixed deposit, or mutual fund linked to Dream11 or Dream Sports was seized or frozen, and that Dream11 is not an accused in the case. However, sources said the agency is examining financial transactions and business linkages between Dream Sports and certain entities associated with Jai Corporation as part of its ongoing probe.

Searches Conducted Across Multiple Cities

On Friday, the ED conducted searches at over 23 premises in Mumbai, including Anand Jain’s residence and the registered and corporate offices of Jai Corporation Limited. Offices of Urban Infrastructure Venture Capital Ltd and Urban Infrastructure Trustees Ltd in Nariman Point were also covered.

The operation extended to Nashik, Bengaluru, and Raipur, where officials scrutinised financial records, investment accounts, and digital evidence. Investigators also examined Jai Corporation’s real estate ventures in Bengaluru and related operations of its sister concerns to map the broader financial network.

Case Originates from CBI FIR After High Court Directions

The ED action follows a Central Bureau of Investigation (CBI) case registered on February 18, based on directions of the Bombay High Court. The FIR alleges that investors were defrauded of Rs 2,434 crore through the Urban Infrastructure Opportunities Fund, with funds allegedly diverted to sister concerns and offshore entities in tax havens using forged invoices and fabricated documents.

The CBI FIR names Jain, Jai Corporation, its sister firms, and business partner Parag Shantilal Parekh under multiple IPC sections, including criminal conspiracy, cheating, and forgery. According to the agency, funds collected from 2006 to 2008 for real estate projects were allegedly misused, with diversion of bank loans, fraudulent trading in futures, and laundering of foreign currency loans via entities in Mauritius, Australia, and the US, highlighting a complex, multi-layered financial fraud.

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