The Enforcement Directorate (ED), Jaipur Zonal Office, has arrested Prakash Chand Jain, director of M/s Digi Mudra Connect Pvt Ltd, in connection with a multi-crore fraud and money laundering case. The arrest was made on 27 January 2026, following which he was presented before the Special Court for PMLA, Jaipur, which granted the agency four days’ custody for further investigation.
The probe covers allegations against Jain, Ravi Jain, and other associates based on multiple FIRs lodged across Madhya Pradesh, Rajasthan, Haryana, Odisha, and Maharashtra. The complaints were filed with local police stations over alleged financial irregularities and fraudulent investment schemes operated through the company.
According to the ED, the accused allegedly colluded to lure investors with promises of high returns, raising crores of rupees through the Digi Mudra Connect platform and associated schemes. The agency said a portion of the funds collected from investors was transferred into the personal accounts of the company’s promoters, directors, their family members, relatives, and agents.
The ED further alleged that the accused used the proceeds of crime to acquire immovable property and other assets in the names of family members, suggesting systematic diversion of investor money for personal enrichment.
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Earlier, on 31 December 2025, the ED conducted searches across seven premises linked to the accused, resulting in the seizure of several incriminating documents, digital evidence, and cash amounting to ₹11.3 lakh. The searches also revealed details of bank accounts and immovable assets worth crores associated with the accused and related entities. An additional ₹38 lakh in other assets was also uncovered during the operation.
Investigators noted that one of the accused, Ravi Jain, is reportedly in Dubai, where he allegedly invested the proceeds of crime in real estate and other commercial ventures.
The ED emphasized that the investigation is ongoing, focusing on tracing additional investor funds, analyzing financial transactions, and scrutinizing other assets linked to the accused and their associates. Officials stated that the action aims to safeguard investor interests, recover illicitly acquired funds, and curb money laundering activities.
The case has attracted widespread attention due to the scale of the alleged fraud and its connection to a digital investment platform, highlighting concerns over financial accountability and regulatory oversight. The ED has indicated that future actions may include further attachment of assets, detailed examination of fund flows, and assessment of the roles of other connected individuals and entities.
The agency underlined that all measures are being carried out in accordance with statutory provisions under the PMLA, 2002, to ensure transparency, investor protection, and justice in financial dealings linked to digital investment schemes.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
