2 days ago
ED Attaches Alibaug Land in Jai Corp Fund Probe
The Enforcement Directorate has temporarily attached land in Alibaug while investigating a fund connected to Jai Corp.
The land covers 88.47 acres.
The agency says it is worth about ₹336 crore today and was valued at ₹230 crore in October 2022.
Jai Corp’s fund reportedly collected about ₹2,434 crore from investors.
The ED alleges that some of the fund’s investments were valued too low.
It says this meant investors received less when they exited the fund.
The agency also alleges that five companies linked to Jai Corp’s promoters bought leftover fund units at discounted prices.
These are allegations in an ongoing investigation, not findings described as proven in the articles.
The Enforcement Directorate provisionally attached 88.47 acres of Alibaug land under the Prevention of Money Laundering Act.
The land is valued at about ₹230 crore as of October 31, 2022, and has a present estimated market value of ₹336 crore.
The investigation concerns Jai Corp’s Urban Infrastructure Venture Capital Fund, which reportedly raised about ₹2,434 crore from investors.
The ED alleges the fund’s stakes in special purpose vehicles were undervalued at ₹269.20 crore, reducing the value of investors’ exits.
The ED says five entities linked to Jai Corp’s promoters acquired residual fund units at discounted values; the fund had invested about ₹51 crore in the Alibaug-linked SPV.
- Who
- The Enforcement Directorate; the investigation involves Jai Corp Ltd, its Urban Infrastructure Venture Capital Fund, and entities allegedly linked to its promoters.
- What
- The ED provisionally attached 88.47 acres of Alibaug land in a money-laundering investigation.
- Where
- Alibaug, Maharashtra, India.
- When
- The attachment was reported on October 6, 2026; the land was valued at ₹230 crore as of October 31, 2022.
- Why
- The ED alleges that fund investments were undervalued and that transactions involving the fund generated proceeds of crime.
Key facts
- Attached property
- 88.47 acres of land in Alibaug
- Present estimated market value
- Approximately ₹336 crore
- Value as of October 31, 2022
- Approximately ₹230 crore
- Fund
- Urban Infrastructure Venture Capital Fund, launched by Jai Corp in 2006–07
- Reported fundraising
- Approximately ₹2,434 crore from investors, including public sector banks and financial institutions
- Alibaug-linked investment
- The fund invested approximately ₹51 crore in Neelkanth Township and Constructions Pvt Ltd
- Earlier enforcement action
- The ED seized approximately ₹1.86 crore in cash and froze investments worth about ₹99.47 crore
Sources
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