- विज्ञापन -
Mumbai: Following a directive from the Bombay High Court, the Central Bureau of Investigation (CBI) on Wednesday registered a case against Jai Corporation, its promoter Anand Jaikumar Jain, and several others in connection with allegations of cheating and financial fraud.
Sources said that a special investigation team, led by a DIG-rank officer, has been formed to probe the matter. The company has yet to issue an official statement regarding the allegations.
The case stems from a plea filed by Shoaib Richie Sequeira, who accused the defendants of orchestrating a criminal conspiracy to defraud investors by using forged documents and misappropriating funds.
Sources also said that according to the FIR the accused, including Jai Corporation Ltd., Anand Jaikumar Jain, Parag Shantilal Parekh, Urban Infrastructure Venture Capital Ltd., and Urban Infrastructure Trustees Ltd., along with certain unnamed shell companies and private trusts, have been booked under various sections of the Indian Penal Code (IPC) related to cheating, fraud, and criminal conspiracy.
The FIR states that two entities Urban Infrastructure Venture Capital Ltd. and Urban Infrastructure Trustees Ltd. were established to mobilize ₹2,434 crore from the public for real estate investments in Mumbai and other locations. However, instead of utilizing tCBIhe funds as promised, the companies allegedly failed to disclose crucial financial details and diverted the money to sister concerns.
Further allegations suggest that these sister concerns of Jai Corporation Ltd. falsely reported unsecured loans as losses using fabricated documents. The accused are also alleged to have engaged in fraudulent real estate transactions in Mauritius and Jersey Channel Islands to justify these financial discrepancies.
The FIR adds between 2006 and 2007, the accused allegedly redirected part or all of the ₹2,434 crore collected from investors, along with ₹3,252.11 crore in bank loans obtained by Navi Mumbai SEZ Pvt. Ltd. and ₹686 crore in loans taken by Mumbai SEZ Ltd., to offshore entities in Mauritius, Jersey, and the Channel Islands. This was purportedly done to facilitate money laundering and misappropriate investor funds.
Additionally, it is alleged that in 2008-09, ₹98.83 crore in foreign currency loans taken by Navi Mumbai SEZ Pvt. Ltd. was funneled into Mauritius, where corporate entities were established to further enable fund diversion.
The FIR also highlights that between 2010 and 2017, fraudulent exports were conducted to companies in Australia and the United States. Specifically, Jai Corporation’s parent company allegedly exported goods based on fictitious invoices to Sarbags PTY Ltd. in New South Wales, Australia, and Assurance Products Corporation in California, USA. These transactions were allegedly used as a front to siphon off funds.
The investigation is ongoing, and further details are expected to emerge as the CBI continues its probe.
