CBI Registers Case Against Anand Jain, Company for Defrauding Investors of Rs 2,434-Crore

New Delhi: The Central Bureau of Investigation has registered a case against Anand Jain, his company Jai Corp. Limited and others for allegedly defrauding investors of funds to the tune of Rs 2,434 crore.

CBI has also formed a Special Investigation Team to investigate the case on the order of Bombay high court.

As per the first investigation report registered by CBI, Anand Jain and his group of companies mobilised funds from the public in the form of investments in real estate projects to the tune of 2,434 crore between 2006 and 2008.

It is alleged that Anand Jain and his companies “cheated public at large and diverted the funds by way of making investments, giving unsecured loans to sister concerns.”

As per the complaint, “sister concerns of M/s Jai Corp Ltd have shown the unsecured loans as losses over the period of years on the basis of false and fabricated documents.”

CBI further alleges that Anand Jain, Parag Parekh and their Companies diverted public money including the monies availed as loans from banks for “incorporation of corporate entities at Jersey, Mauritius & Channel Islands.”

As per the complaint, monies collected from public including the bank loans were also fraudulently diverted for trading in futures of M/s Reliance Petrochemical Ltd.

The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.