A businessman named Prakash Chand Jain was apprehended by the Enforcement Directorate’s Jaipur Zonal Office for his involvement in a significant financial fraud case related to M/s Digi Mudra Connect Private Limited. Jain was presented before the PMLA Special Court in Jaipur and subsequently granted four days of ED custody for further investigation under the Prevention of Money Laundering Act.
The ED’s probe was triggered by multiple FIRs filed by the Bhopal Special Task Force and various police stations across Rajasthan, Haryana, Odisha, and Maharashtra against Prakash Chand Jain, Ravi Jain, and other associates. It was uncovered that the accused individuals collaborated to deceive numerous investors by amassing crores of rupees through deceptive investment schemes, promising high returns via a digital platform called “My Victory Club (MVC)” operated by M/s Digi Mudra Connect Private Limited.
During the investigation under the Prevention of Money Laundering Act, it was disclosed that a substantial sum of money was collected from investors. A significant portion of these funds was allegedly diverted into personal bank accounts of the company’s promoters/directors, their family members, relatives, and agents. The illicit proceeds were further utilized to procure immovable properties in the names of family members and associates.
On a previous occasion, the Enforcement Directorate conducted searches at seven locations associated with the accused, leading to the confiscation of incriminating documents, digital evidence, and cash amounting to Rs 11.3 lakh. These searches also uncovered immovable properties worth crores of rupees and bank balances totaling around Rs 38 lakh held in various accounts linked to the accused individuals and entities. Additionally, investigations revealed that one of the main accused, Ravi Jain, is presently residing in Dubai and purportedly funneled the proceeds of crime to Dubai for investments in real estate and other business ventures. The investigation into the matter is ongoing.
