Jaipur, Jan 28 (IANS) A businessman, Prakash Chand Jain, was arrested by the Enforcement Directorate’s (ED) Jaipur Zonal Office on Wednesday under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a major financial fraud case involving M/s Digi Mudra Connect Private Limited and others was produced before the PMLA Special Court in Jaipur.

Following his arrest and after being produced in court, Prakash Chand Jain was granted four days of ED custody for further investigation under the provisions of PMLA.

The investigation by the ED was initiated on the basis of multiple FIRs registered by the Bhopal Special Task Force (STF), and various police stations across Rajasthan, Haryana, Odisha and Maharashtra against Prakash Chand Jain, Ravi Jain, and other associated individuals.

ED’s investigation has revealed that the accused person, acting in collusion, allegedly cheated thousands of investors by collecting crores of rupees through fraudulent investment schemes.

The investors were lured with promises of exceptionally high returns through a digital platform/application named “My Victory Club (MVC)”, which was operated by M/s Digi Mudra Connect Private Limited.

During the course of investigation under PMLA, 2002, it was reported that hundreds of crores of rupees were mobilised from investors.

A significant portion of these funds was allegedly diverted into personal bank accounts of the promoters/directors of the company, as well as accounts of their family members, relatives and agents.

The proceeds of crime were further utilised for the acquisition of immovable properties in the names of family members and associates.

Earlier, on December 31, 2025, the ED conducted search operations at seven premises linked to the accused persons.

These searches led to the seizure of incriminating documents, digital evidence, and cash amounting to Rs 11.3 lakh.

The searches also resulted in the identification of immovable properties worth several crores of rupees and bank balances of around Rs 38 lakh held in various accounts linked to the accused persons and entities.

During the investigation, it was also revealed that Ravi Jain, one of the main accused in the case, is currently based in Dubai and has allegedly channelised the proceeds of crime to Dubai for investments in real estate and other business ventures.

Further investigation in the matter is underway.

–IANS

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