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ED Conducts Raids on Dream11 and Bhavit Sheth's Premises in Money Laundering Case

Published: December 19, 2025 | Category: Real Estate Mumbai
ED Conducts Raids on Dream11 and Bhavit Sheth's Premises in Money Laundering Case

The Enforcement Directorate (ED) conducted search operations at over 30 locations across India on Friday as part of a money laundering probe. The investigation has brought online fantasy gaming platform Dream11 and its co-founder Bhavit Sheth under regulatory scrutiny.

Among the locations searched were Dream11’s office and premises linked to Sheth, as reported by several media outlets. The action is connected to an ongoing investigation into an alleged Rs 2,434 crore financial fraud involving Mumbai-based conglomerate Jai Corp Limited, where Dream11 co-founder Harsh Jain’s father, Anand Jaikumar Jain, is a director. Investigators are examining whether the funds raised for real estate investments were instead diverted to foreign companies.

The searches were carried out under the Prevention of Money Laundering Act (PMLA) and also covered properties linked to Anand Jain. Over 20 premises were searched in Mumbai, while additional locations in Nashik, Bengaluru, and Raipur were also raided.

According to reports, the agency is probing possible financial links between Jai Corp, Dream Sports, the parent company of Dream11, and Bhavit Sheth. Investigators are examining whether funds allegedly siphoned off in the Jai Corp case were channeled through a network of entities, including technology and sports gaming firms, using structured transactions to obscure their origin.

The money laundering probe originates from a CBI case against Anand Jain, Jai Corp Limited, and others, following a petition by activist Shoaib Richie Sequeira. The FIR was filed after the Bombay High Court directed the CBI in February to form a special investigation team to probe alleged financial irregularities, including misuse of public funds, investor fraud, round tripping through overseas shell firms, and diversion of funds via fictitious transactions and invoices.

As per the CBI’s case details, the special investigation team is probing multiple suspected offences, including irregularities in domestic real estate investment funds, questionable transactions involving private funds in Mauritius and Jersey, improper futures trading, diversion of bank loans to offshore entities, and fraudulent export-related transactions linked to Australia and the United States.

Entrackr has reached out to Dream11 for more information.

The development comes shortly after the ED arrested two founders of the online gaming platform WinZO on money laundering charges.

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Frequently Asked Questions

1. What is the main focus of the ED's investigation?
The main focus of the ED's investigation is to examine whether funds raised for real estate investments by Jai Corp Limited were instead diverted to foreign companies and whether these funds were channeled through a network of entities, including technology and sports gaming firms.
2. Who are the key individuals and companies involved in the probe?
The key individuals involved in the probe are Bhavit Sheth and Anand Jaikumar Jain. The key companies involved are Dream11 (Dream Sports) and Jai Corp Limited.
3. What is the magnitude of the alleged financial fraud?
The alleged financial fraud involves an amount of Rs 2,434 crore, primarily related to Jai Corp Limited.
4. What triggered the ED's investigation?
The investigation was triggered by a petition by activist Shoaib Richie Sequeira, which led to the Bombay High Court directing the CBI to form a special investigation team to probe alleged financial irregularities.
5. What are some of the suspected offences being probed by the CBI?
The CBI is probing multiple suspected offences, including irregularities in domestic real estate investment funds, questionable transactions involving private funds in Mauritius and Jersey, improper futures trading, diversion of bank loans to offshore entities, and fraudulent export-related transactions linked to Australia and the United States.