Central Bureau of Investigation has filed a fraud case against Jai Corp., its director Anand Jain and other for defrauding public investors in real estate projects of Rs 2,434 crore, as per the FIR copy accessed by NDTV Profit.
Economic Offences Branch of CBI, Mumbai filed the first information report on a January 2025 order from Bombay High Court. The court had directed the agency to form a special investigation team to probe two complaints from activist Shoaib Richie Sequeira to Economic Offences Wing, Mumbai.
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The FIR names one Parag Shantilal Parekh, Urban Infrastructure Venture Capital Ltd., Urban Infrastructure Trustees Ltd. as co-accused in the case. CBI has also booked other directors and promoters of Jai Corp. and its sister concerns, certain shell companies and trusts, and other unidentified individuals.
Jain and others have been charged with criminal conspiracy, cheating, dishonestly inducing delivery of property and forging documents under provisions of the Indian Penal Code, the FIR showed.
In his complaints, Sequeira alleged that from May 2006 to June 2008, Jain and Parekh floated Urban Infrastructure Venture Capital and Urban Infrastructure Trustees Ltd. and mobilised Rs 2,434 crore from public. These funds were then given as unsecured loans to sister companies of Jai Corp. These loans were shown as losses by forging documents, the activist further alleged.
Jain and Parekh had also laundered loans to the tune of Rs 4,000 crore taken during 2006 to 2007 and foreign currency loans up to Rs 98 crore from 2008 to 2009 via shell entities in Mauritius, Jersey and Channel Islands, Sequeira further alleged. They also used the funds for fraudulent future trading, the complaint added.
Jai Corp was involved in fraudulent exports to entities in Australia and the US by creating dubious invoices as well, Sequeira alleged.
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