ED Raids Dream11 Office, Co-founder Bhavit Sheth, Anand Jain in Rs 2,000 Crore Money Laundering Case

The Enforcement Directorate (ED) has launched searches at the office of Dream11, its co-founder Bhavit Sheth, Anand Jain, and his company Jai Corporation Ltd., among others, in connection with a money laundering investigation.

The probe centers on allegations against Anand Jain for the fraudulent misappropriation of over Rs 2,000 crore. The ED has reportedly found financial links between Jain and Dream11 & Dream Sports.

The money laundering case stems from a CBI FIR that was filed against Jai Corporation, Anand Jain, and others, following an order from the Bombay High Court. In February, the High Court instructed the CBI to form a special investigation team (SIT) to conduct a thorough and impartial investigation into the allegations. This order was in response to a petition filed by activist Shoaib Richie Sequeira, who alleged the misuse and misappropriation of public funds for personal gain, defrauding investors, round-tripping of funds through shell companies based in tax havens, and the creation of dubious invoices.

The CBI FIR, which prompted the High Court to order the SIT formation, is based on Sequeira's two complaints previously filed with the Mumbai police's economic offences wing (EOW). The investigation covers a range of areas, including real estate fund fraud in India, fraudulent activities involving private real estate funds in Mauritius and Jersey, improper trading in Reliance Petrochemical Ltd futures, unlawful bank loan transfers to Mauritius, and fraudulent exports to New South Wales, Australia, and California, USA. The allegations suggest that Jai Corp Ltd, under the control of Anand Jain, along with its subsidiaries, conspired to misappropriate funds collected from financial institutions and investors.