The Enforcement Directorate (ED) has provisionally attached 88.47 acres of land in Alibaug, Maharashtra, valued at approximately ₹336 crore, as part of a money laundering investigation involving Jai Corp Limited, Urban Infrastructure Venture Capital Limited, Urban Infrastructure Trustees Limited and others.
The action was taken under the Prevention of Money Laundering Act (PMLA), 2002. The ED's Mumbai Zonal Office-II is investigating alleged financial irregularities, diversion of funds and transactions suspected to be connected with proceeds of crime.
The property attachment is provisional and does not represent a final confiscation. The allegations remain under investigation.
Investigation Originated From CBI FIR
According to the ED, its investigation began after an FIR was registered by the Economic Offences Wing of the CBI in Mumbai.
The FIR followed an order of the Bombay High Court dated January 31, 2025, and concerns alleged irregularities involving financial transactions and investment activities connected with the entities named in the case.
Investigators are examining allegations that certain assets or investments were undervalued, funds were diverted and investors were allegedly enabled to exit investments at suppressed prices.
The ED is now tracing the movement and use of the funds involved to determine whether they were subsequently invested in assets or routed through other transactions.
ED Had Earlier Seized ₹1.86 Crore
The agency said earlier searches conducted as part of the investigation resulted in the seizure of approximately ₹1.86 crore in cash.
The latest action focuses on identifying assets that may have a connection with the suspected financial transactions. The 88.47 acres of land in Alibaug, with an estimated current value of ₹336 crore, has been provisionally attached while the investigation continues.
The ED's action is intended to prevent the alleged proceeds of crime from being transferred, disposed of or otherwise dealt with during the proceedings.
Agency Examines Financial Trail
Investigators are examining financial records and transactions involving Jai Corp and other entities connected with the case.
A key part of the investigation is determining how funds allegedly generated through the suspected financial irregularities moved between entities and whether those funds were ultimately used to acquire properties or make other investments.
The agency is also examining the possible beneficiaries of the transactions and the role played by individuals and entities involved in the financial arrangements.
Such analysis of transaction trails and asset movements forms an important part of a Financial Investigation when authorities are attempting to establish links between suspected financial irregularities and specific assets.
Property Attachment Remains Provisional
The ED's provisional attachment does not by itself establish that the attached land constitutes proceeds of crime. The agency will have to establish the alleged connection through evidence gathered during the PMLA investigation and subsequent legal proceedings.
Further action could follow depending on the financial records, documents and other evidence collected by investigators.
The ED has secured the identified properties as part of the ongoing case while continuing to investigate the alleged movement of funds and the involvement of the individuals and companies named in the proceedings.
The final status of the properties and any liability of the entities or individuals involved will depend on the outcome of the investigation and applicable judicial and statutory processes.