For alleged FEMA violations, the Enforcement Directorate (ED) searched nine Urban Infrastructure Venture Capital locations on Friday. Urban Infrastructure Venture Capital is connected to billionaire Anand Jain.The ED is looking into $300 million that was routed to Urban Infrastructure Venture Capital by companies with Mauritius-based offices.
The money that was allegedly diverted was allegedly further invested in a number of businesses, and Jain allegedly collected $400 million from the money that did not appear in the books of the businessman’s controlled companies.ED initiated FEMA investigations into Jain and other connected entities on the basis of its allegations that money from Mauritius had been improperly routed. Reliance Haryana SEZ Limited, Mumbai SEZ Limited, Navi Mumbai SEZ Private Limited, and Urban Infrastructure Venture Capital Limited (UIVCL) are all under the leadership of Jain.
Jain is also the director of Jai Corp and is closely associated with the Reliance Group. He was a top executive with the Reliance Group and worked closely with various Reliance ventures at the top level for over three decades.