ED searches seven locations in Rajasthan in Digi Mudra scam case

The Jaipur regional office of the Enforcement Directorate (ED) carried out comprehensive searches at seven locations in Jaipur and Ajmer districts in connection with an alleged multi-level marketing scam involving Digi Mudra Connect Private Limited and its two directors. The ED recovered Rs.11.3 lakh in cash and immovable property documents worth billions of rupees.

Directors Ravi Jain and Prakash Chand Jain allegedly persuaded and encouraged gullible investors to invest in fraudulent schemes by promising very high returns. The search operation was carried out under heavy security measures at various residences and workplaces linked to the accused, an ED spokesperson said here on Thursday.

The ED initiated the investigation based on first information reports recorded by the Special Task Force, Bhopal, Madhya Pradesh and other police stations in various districts of Rajasthan, Haryana, Odisha and Maharashtra.

ED’s investigation revealed that the accused, in collusion with each other, defrauded thousands of people of millions of rupees by convincing them to invest in their platforms and mobile applications that were reportedly involved in cryptocurrency trading.

“The amount deposited by gullible investors was transferred to the personal accounts of the promoters and directors of Digi Mudra Connect and their family members, relatives and representatives. The proceeds of crime obtained were used to purchase immovable properties,” the ED spokesperson said.

During the searches, it was revealed that Ravi Jain, one of the main perpetrators of the crime, was in the United Arab Emirates and transferred money to Dubai for real estate investment and various commercial ventures.

In addition to recovering the cash amount, the ED officials seized various incriminating documents and digital evidence and found details of ₹38 Lakh in various bank accounts related to the accused persons and entities.