CBI Challenges Mumbai Firm's Plea Over Alleged Fraud of Rs 2,434 Crore

Mumbai, June 18 (UNI) The Central Bureau of Investigation (CBI) has opposed the pleas filed by the city-based firm Jai Corporation and its director and promoter, Anand Jaikumar Jain, before the Bombay High Court. These pleas challenge the FIR (First Information Report) registered by the central agency, which alleges serious financial irregularities by the company and its promoters.

The central agency has accused Jai Corporation of defrauding funds to the tune of Rs 2,434 crore from public investors during the period of 2006-2008. The alleged fraud involved real estate projects and other irregularities. The move by the CBI comes on the orders of the Bombay High Court, following a complaint filed by activist Shoaib Richie Sequeira.

Sequeira's complaint detailed how funds were mobilized from the public for the Urban Infrastructure Opportunities Fund scheme. The funds were intended for real estate business in Mumbai and other cities. However, it is alleged that these funds were diverted for setting up companies in tax havens, engaging in fraudulent trading of futures and options of a leading oil major, and other illegal activities.

The CBI's opposition to the pleas underscores the seriousness of the allegations and the agency's commitment to investigating and prosecuting such financial irregularities. The Bombay High Court is expected to review the case and make a decision on the validity of the FIR and the subsequent legal actions.

This development highlights the ongoing efforts by law enforcement agencies to combat financial fraud and protect public interests. The case also serves as a reminder to investors and the public to remain vigilant and cautious when investing in real estate and other financial schemes.

For Jai Corporation and its promoters, the legal battle is just beginning. The outcome of this case could have significant implications for the company's future and the broader real estate and financial sectors in Mumbai and beyond. The CBI's thorough investigation and the court's scrutiny will be crucial in determining the truth and ensuring justice for the alleged victims of this fraud.