Mumbai: The Enforcement Directorate (ED) has provisionally attached 88.5 acres of land parcels in Alibaug, currently valued around Rs 336 crore, in connection with its money laundering investigation against Jai Corp Ltd of businessman Anand Jain and others.
In a press release issued on Tuesday, the agency said: “ED investigation revealed that the fair value of funds share in SPVs was fraudulently valued at undervalued price of Rs 269.20 crore in connivance with the management of the UIVCF. Investigation has further revealed that residual units of funds were acquired at a much lower value by 5 entities related to the promoters of the Jai Corp Limited. ” It said that out of many such SPVs, one of the SPVs is Neelkanth Township and Constructions Pvt Ltd wherein UIVCF invested Rs 51 crore. The ED investigation revealed that the fair market value of the fund’s share in this SPV was significantly suppressed and was acquired at an undervalued price by the five entities associated with Jai Corp.
“This fraudulent act resulted in the generation of proceeds of crime to the tune of Rs 230 crore,” the ED said. Based on this, the investors were given exit from the fund at a significantly undervalued amount. The same was utilised to acquire a land parcel in Alibaug.