ED searches seven locations in Rajasthan in Digi Mudra scam case

The Jaipur zonal office of the Directorate of Enforcement (ED) has carried out extensive 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 documents of immovable property worth crores of rupees.

Directors Ravi Jain and Prakash Chand Jain had allegedly lured and induced gullible investors to invest in their fraudulent schemes by promising very high returns. An ED spokesperson said here on Thursday that the search operation was conducted amid heavy security deployment at various residential and business premises linked to the accused.

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

The ED’s probe revealed that the accused individuals, in collusion with each other, had cheated crores of rupees from thousands of peoples by alluring them to invest in their platform and mobile application, which was reportedly involved in the trading of cryptocurrency.

“The amount invested by the gullible investors was diverted into the personal accounts of promotors and directors of Digi Mudra Connect and their family members, relatives and agents. The proceeds of crime generated were utilised in acquiring immovable properties,” the ED spokesperson said.

During the searches, it was found that Ravi Jain, one of the main perpetrators of the crime, was in United Arab Emirates and had channelised money to Dubai for investment in real estate and various other business ventures.

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