The Enforcement Directorate (ED) has provisionally attached 88.47 acres of land parcels in Alibaug, Maharashtra, in an alleged money laundering case involving Jai Corp Limited and others.
According to the agency, the attached properties have a current estimated value of around ₹336 crore. The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The ED’s Mumbai Zonal Office-II has attached various land parcels in Alibaug as part of its investigation into the alleged financial irregularities.
According to the ED, the investigation was initiated on the basis of an FIR registered by the Economic Offences Wing of the Central Bureau of Investigation (CBI) in Mumbai. The FIR was registered following an order passed by the Bombay High Court on January 31, 2025.
The FIR relates to alleged financial irregularities, diversion of funds and money laundering involving Jai Corp Limited, Urban Infrastructure Venture Capital Limited, Urban Infrastructure Trustees Limited and others.
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According to the investigating agency, the case involves scrutiny of financial transactions and investment-related activities in which assets or investments were allegedly undervalued, funds were allegedly diverted and investors were allegedly facilitated to exit at suppressed prices.
The ED said searches conducted earlier in the case had resulted in the seizure of approximately ₹1.86 crore in cash. The agency is now continuing to trace financial transactions allegedly linked to money laundering and identify properties acquired through or connected with such funds.
The 88.47 acres of land attached in Alibaug is estimated to be worth around ₹336 crore. The provisional attachment is intended to secure properties allegedly linked to proceeds of crime and prevent their transfer or disposal during the investigation.
The ED is also examining the financial transactions of Jai Corp and other entities associated with the case. The agency is seeking to determine how funds allegedly generated through the suspected financial irregularities were used and whether they were subsequently invested in properties or routed through other transactions.
The ED’s action stems from the FIR in which alleged irregularities in financial transactions related to investments and infrastructure activities were raised. Under the PMLA investigation, the agency is examining the source and movement of funds as well as the possible beneficiaries of the transactions.
The agency may take further action based on documents, financial records and other evidence that emerge during the investigation. The current attachment is provisional and does not amount to a final confiscation of the properties. The allegations remain under investigation.
The attached properties have been secured by the ED as part of its action in the alleged money laundering case. Further investigation will establish the alleged connection between the land parcels and the proceeds of crime, as well as the role of individuals and entities involved in the transactions.
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