The case pertains to Jay Corp director Anand Jaykumar Jain, who is also the father of Dream11 co-founder Harsh Jain, making the probe a high-profile one. Investigators suspect that funds raised in the name of real estate investments were diverted to overseas entities.

According to the agency, the probe focuses on suspicious financial transactions, offshore accounts and shell companies used to route funds abroad. Several corporate entities and business groups may also come under the scanner as the investigation widens.

The case gained momentum after the Bombay High Court directed the CBI to register an FIR and constitute a Special Investigation Team (SIT). Earlier, Mumbai Police’s Economic Offences Wing (EOW) had received complaints related to the matter in December 2021 and April 2023.

As per the FIR, between 2006 and 2008, two companies allegedly mobilised ₹2,434 crore from investors for real estate development projects in Mumbai and other cities. The agencies allege that both investor funds and bank loans were misused and diverted to foreign investments and futures trading instead of their stated purpose.

The ED and CBI are jointly tracing the complete money trail. Further action, including attachment of assets and possible arrests, may follow as the investigation progresses.