MUMBAI: The CBI has registered a fraud case amounting Rs 2,434 crore against Jai Corporation Ltd, along with its director Anand Jain.
The investigation also includes Urban Infrastructure Venture Capital, Urban Infrastructure Trustees Ltd and additional parties. This action was initiated based on the High Court’s directive.
A petition filed in the Bombay high court by activist Shoaib Richie Sequeira, alleging misuse and misappropriation of public funds for personal gains, defrauding of investors, round-tripping of funds through shell companies based in tax havens, and creation of dubious invoices.
It was alleged that Jai Corp Ltd controlled by Anand Jaikumar Jain along with the subsidiaries were responsible for colluding and fraudulently misappropriating Rs 4,255 crore money availed from financial institutions and also they collected money from investors.
Sequeira had lodged two complaints in Dec 22, 2021, and April 3, 2023, with EOW of the Mumbai police and Enforcement Directorate earlier.
The EOW had had forwarded the complaints to Securities and Exchange Board of India in 2023, saying it fell within the regulator’s jurisdiction.
EOW also wrote to CBI last year asking it to take action, saying the “alleged offences involved…thousands of crores of rupees, span multiple jurisdictions, and implicate nationalised banks, a Mauritius-based private equity fund, and trans-border transactions with USA, Australia and UAE.