ED searches at Dream11 over Jai Corp probe

Mumbai: The Enforcement Directorate (ED) on Friday searched more than 25 locations, including offices of fantasy sports platform Dream11's parent company, in connection with an alleged ₹2,434 crore financial irregularities involving Jai Corp, officials said.

Jai Corp chairman Anand Jain's son, Harsh, is a cofounder of Dream11.

The ED searched premises linked to the Jains, Harsh's Dream11 partner Bhavit Sheth and some real estate ventures. It also recorded preliminary statements of these people, the officials said. The searches were carried out in Mumbai, Nashik, Bengaluru and Raipur under the Prevention of Money Laundering Act, they said.


"Financial links between Dream Sports and the entities linked to Jai Corp are also one of the focus areas of the investigation," a source said.

Jai Corp was not immediately available for comment. Dream Sports, the parent of Dream11, refused to comment.

Dream11 shut its core real-money fantasy sports business in August following the enactment of the new online gaming law and pivoted to a free-to-play model, supported by advertisements and sponsorships.

The ED probe stems from a CBI case registered after an activist petitioned the Bombay High Court against Jai Corp and Anand Jain, alleging misuse and misappropriation of public funds, defrauding of investors, round-tripping of money through shell companies based in tax havens and creation of fictitious invoices and forged documents.

Based on court directions, the CBI booked Jai Corp, Anand Jain and others for allegedly defrauding investors of ₹2,434 crore through a real estate investment fund.