ED searches Dream11 office, co-founder Bhavit Sheth, Anand Jain, Jai Corp in Rs 2,000 crore money laundering probe | Mumbai News
MUMBAI: ED conducting search at office of Dream 11, its co-founder Bhavit Sheth, Anand Jain, his company Jai Corporation Ltd and others in a money laundering case. The ED is investigating the money laundering case against Anand Jain for fraudulent misappropriation of over Rs 2,000 crore and found financial connection with Dream 11 & Dream Sports.The money laundering case based on the CBI FIR against Jai Corporation, Jain and others following the Bombay High Court order.In Feb, the Court had directed the CBI to form a special investigation team (SIT) to conduct a thorough and impartial investigation in the allegations. The order was in response to a petition by activist Shoaib Richie Sequeira, who alleged misuse and misappropriation of public funds for personal gains, defrauding investors, round-tripping of funds through shell companies based in tax havens, and creation of dubious invoices.According to the CBI FIR, HC ordered the formation of an SIT to investigate Sequeira’s two complaints, previously filed with Mumbai police’s economic offences wing (EOW). The primary investigation areas include real estate fund fraud in India, fraudulent activities in Mauritius and Jersey private real estate funds, improper trading in Reliance Petrochemical Ltd futures, unlawful bank loan transfers to Mauritius, and fraudulent exports to New South Wales, Australia, and California, USA.The allegations suggest that Jai Corp Ltd, under Anand Jain’s control, along with its subsidiaries, conspired to misappropriate funds collected from financial institutions and investors.
