New Delhi: The Central Bureau of Investigation (CBI) has initiated a fraud case against Mumbai-based Jai Corporation Ltd, its director Anand Jain, and entities linked to Urban Infrastructure Venture Capital and Urban Infrastructure Trustees Ltd, among others, over alleged financial irregularities totaling ₹2,434 crore.
The action follows a Bombay High Court directive based on a petition by activist Shoaib Richie Sequeira, who accused the firms of misusing public funds, investor fraud, and routing money through offshore shell companies.
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The petition alleged that Jai Corporation, under Jain’s control, colluded with subsidiaries to siphon off ₹4,255 crore obtained from financial institutions and investors. It further claimed the creation of fake invoices and round-tripping of funds via tax-haven entities to conceal transactions.
Sequeira had earlier filed complaints with Mumbai Police’s Economic Offences Wing (EOW) and the Enforcement Directorate (ED) in December 2021 and April 2023. The EOW later referred the matter to SEBI, citing jurisdictional overlap, and urged the CBI to probe the case due to its scale—involving nationalized banks, a Mauritius-based private equity fund, and cross-border transactions across the UAE, USA, and Australia.
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Authorities are now examining the alleged trans-national financial network and potential violations of banking and securities laws. The CBI’s involvement highlights the case’s complexity, with implications for multiple jurisdictions and financial regulators.
