Mumbai: The Enforcement Directorate (ED) conducting searches at more than 30 locations across the country in connection with an alleged Rs 2,434-crore financial fraud involving industrialist Anand Jaikumar Jain, a director of Jai Corp Limited, officials said.
The searches are covering premises linked to Jain, Jai Corp Limited, its sister concerns and a business partner. Of the total, over 20 locations are being searched in Mumbai, while more than 10 premises are being covered in Nashik, Bengaluru and Raipur under the Prevention of Money Laundering Act (PMLA), sources said.
ED Action Follows CBI Probe
The ED action follows a case registered by the Central Bureau of Investigation (CBI), which is probing allegations that investors were defrauded of Rs 2,434 crore through a real estate investment fund. The CBI has alleged that large sums were siphoned off and that bank loans were diverted to offshore entities based in tax havens.
Investigators are examining the money trail to identify the proceeds of crime and determine whether public funds were routed through layered transactions involving overseas entities, officials said.
