ED raids Dream11 office, Bhavit Sheth’s premises in ₹2,434-crore Jai Corp money laundering probe

The Enforcement Directorate (ED) on Friday carried out searches at more than 30 locations across the country, including the office of online fantasy gaming platform Dream11 and premises linked to its co-founder Bhavit Sheth, as part of a money laundering investigation connected to an alleged ₹2,434-crore financial fraud involving Jai Corp Limited.

Officials said the searches were conducted under the Prevention of Money Laundering Act (PMLA) and covered locations linked to industrialist Anand Jaikumar Jain, a director of Jai Corp Limited, the company’s sister concerns, and associated business entities. Over 20 premises were searched in Mumbai, while additional locations in Nashik, Bengaluru and Raipur were also covered.

According to media reports, the ED is probing suspected financial links between Jai Corp, Dream Sports—the parent company of Dream11—and Bhavit Sheth, following findings of monetary transactions that allegedly form part of the proceeds of crime. Investigators are examining whether funds misappropriated in the Jai Corp case were layered through connected entities, including technology and sports gaming firms.

The money laundering case stems from a first information report (FIR) registered by the Central Bureau of Investigation (CBI) against Anand Jain, Jai Corp Limited and others, following directions from the Bombay High Court. In February, the court ordered the CBI to constitute a special investigation team (SIT) to conduct a comprehensive and impartial probe into allegations of large-scale financial irregularities.

The High Court’s order came in response to a petition filed by activist Shoaib Richie Sequeira, who alleged misuse and misappropriation of public funds, defrauding of investors, round-tripping of money through shell companies in tax havens, and creation of fictitious invoices to siphon off funds.

According to the CBI FIR, the SIT has been tasked with investigating multiple strands of alleged wrongdoing, including a real estate investment fund fraud in India, suspicious transactions involving private real estate funds in Mauritius and Jersey, improper trading in Reliance Petrochemical Limited futures, diversion of bank loans to overseas entities in Mauritius, and fraudulent export transactions linked to New South Wales in Australia and California in the United States.

The agency has alleged that Jai Corp Limited, under the control of Anand Jain, along with its subsidiaries and associates, conspired to siphon off funds raised from financial institutions and investors, causing a loss of ₹2,434 crore. The ED is now tracing the money trail to identify the proceeds of crime and determine whether public funds were routed through layered and complex transactions involving offshore jurisdictions.

Officials said searches were underway to seize documents, digital evidence and financial records to establish the role of various entities and individuals, including the extent of Dream11 and Bhavit Sheth’s financial exposure in the alleged money laundering network.