FEMA Case: ED Conducts Searches At 9 Locations In Connection With Businessman Anand Jain

Citing suspicions over the diverted funds from Mauritius-based firms, the Enforcement Directorate (ED) launched an investigation under FEMA against Anand Jain and other related entities.

Outlook Web Desk

Updated on: 9 June 2023 1:51 am

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In connection with a Foreign Exchange Management Act (FEMA) case registered against businessman Anand Jain, the Enforcement Directorate (ED) on Thursday conducted searches at nine premises.

It has been reported that the searches were conducted at premises of Jain's company, Urban Infrastructure Venture Capital, and a few other locations.

What is the case against Anand Jain?

As per media reports, around 300 million USD was reportedly diverted from Mauritius-based firms to Urban Infrastructure Venture Capital which were then allegedly diverted and invested into various other companies.

Jain allegedly received Rs 400 crore from the funds.

However, these investments did not show in any of Jain's ventures.

Who is Anand Jain?

Anand Jain is the chairman of Navi Mumbai SEZ Private Limited, Mumbai SEZ Limited, Reliance Haryana SEZ Limited and Urban Infrastructure Venture Capital Limited (UIVCL).

He is also the director of Jai Corp and is closely associated with the Reliance Group.

Earlier, Jain was a top executive with the Reliance Group and worked closely with various Reliance ventures at the top level for around three decades.

His name was also featured in??Forbes India 40 Top Indian Richest List in 2007 and ranked 11.