The Directorate of Enforcement (ED), Jaipur Zonal Office, conducted search operations on 31 December 2025 at seven locations in Jaipur and Kishangarh (Ajmer) under the Prevention of Money Laundering Act (PMLA), 2002. The searches were linked to a major fraud involving M/s Digi Mudra Connect Private Limited and its directors Ravi Jain and Prakash Chand Jain, who allegedly cheated investors of crores of rupees through fraudulent investment schemes promising high returns.
The investigation began based on FIRs filed by STF Bhopal and various police stations across Rajasthan, Haryana, Odisha, and Maharashtra. ED found that the accused lured thousands of people to invest in their platform/app “My Victory Club (MVC)”, claiming it dealt in cryptocurrency trading. Investors were shown fake profits through a mobile app, but no actual withdrawals or returns were ever provided.
Funds collected from investors were diverted to the personal accounts of the company’s promoters, their family members, and associates. These proceeds were used to buy properties in India and abroad. Evidence suggests that Ravi Jain, one of the main accused, is currently in Dubai, where he invested part of the illicit funds in real estate and other ventures.
During the searches, ED seized:
- Cash worth ₹11.3 lakh
- Incriminating documents and digital evidence
- Details of immovable properties worth crores
- ₹38 lakh (approx.) in various bank accounts
Further investigation is ongoing.
Source: ED Press Release dated 01/01/2026