The CBI has filed an FIR against Jai Corporation Ltd and its director and promoter Anand Jain for alleged misappropriation of over ₹2,434 crore, following a direction from the Bombay High Court.

Activist Shoaib Richie Sequeira had filed a petition in the Bombay High Court alleging misuse of public money for private gains, cheating investors and money laundering through shell companies operating allegedly by Jai Corporation.

Sequeria had alleged that funds were mobilised from the public for the Urban Infrastructure Opportunities Fund scheme for the purpose of real estate business in Mumbai and other cities.

The court had directed the CBI on January 31 to form a special investigation to probe the corruption charges of misappropriating funds from financial institutions and investor collections.

Earlier Mumbai police’s economic offence wing had investigated the corruption case against Jai Corporation, engaged in the manufacture of steel, plastic processing and spinning yarn, and its director.

Funds were allegedly diverted for setting of companies in tax havens, for allege fraudulent trading of future and options of a leading oil major and other illegal activities.