In a shocking revelation, our dedicated journalists and their team after an extensive investigation have uncovered a potential money laundering trail with significant links to giant corporates.
The far-reaching probe, carried out by prominent investigative journalists of MUMBAI PARIVARTAN, sheds light on a complex network of illicit financial activities that have raised serious concerns about the integrity and transparency of some of the nation’s largest corporate entities.
The investigation, led by Suhail Asrar Khan, spanned several months and involved the analysis of leaked documents, confidential sources, and financial transactions. The evidence presented paints a disturbing picture of widespread money laundering schemes involving “JAI CORP” which has hundreds of companies registered at its address and holds about 99.99% of the shares in “Urban Infrastructure Venture Capital Limited (UIVCL)” which further manages the two Funds – (i) Urban Infrastructure Opportunities Fund (UIOF) and (ii) Urban Infrastructure Real Estate Fund (UIREF).
Mr. Anand Kumar Jain, chairman of Navi Mumbai SEZ Private Limited, Mumbai SEZ Limited, and Urban Infrastructure Venture Capital Limited (UIVCL) was raided by the officials of the Enforcement Directorate on the 8th of June 2023, in an alleged Money Laundering scam. The Enforcement Directorate Officials (ED) conducted searches at nine premises linked to businessman Anand Kumar Jain in connection with a gross violation of the Foreign Exchange Management Act (FEMA).
Following ED’s action on Anand Kumar Jain, Mumbai Parivartan issued a notice to Harsh Kumar s/o of Anand Kumar Jain, who happens to be the single largest shareholder of JAI CORP seeking his views in regard to his involvement in the alleged money laundering scam however the managing director of Sporta technologies Harsh Anand Kumar Jain failed to provide any response.
Our sources indicate the involvement of ‘Sporta Technologies Pvt. Ltd’, operating as ‘DREAM 11’. As one of the focal points of the investigation leads toward an offshore haven situated in the state of “DELAWARE (USA)”.
Our investigation also led us to several benami transactions in the relevant SEC filings showcasing how the entire money laundering occurred.
Moreover, several other entities and individuals may be involved in acting as facilitators in these money laundering operations. Sources indicate gross violations of law & order by Urban Infrastructure Venture Capital Limited & Sporta Technologies (Dream11).
As this scam continues to unfold, it serves as a stark reminder that no corporation, regardless of its size or reputation, is above scrutiny. The Nation watches eagerly as authorities and regulatory bodies embark on a mission to uncover the truth and restore faith in the integrity of the global business.
It is pertinent to note that the investigation’s findings are preliminary, and further analysis and legal proceedings are expected to shed more light on the extent of the alleged money laundering activities as our team at Mumbai Parivartan is examining all its confidential information & intends to uncover the expose in the follow-up story:
“WHO IS GAURAV GOEL?”
