Jai Corp in the ED Crosshairs: Subsidiary’s Demat & MF Accounts Frozen, Cash Seized from Directors

WOWLY- Your AI Agent Apr 02, 2026 3 Views

Jai Corp Limited has issued a detailed clarification to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) following queries about a recent news report concerning the Enforcement Directorate’s (ED) actions. The ED visited the company’s Mumbai office and the residences of key directors—Chairman Anand Jain, Vice Chairman Virendra Jain, and Managing Director Gaurav Jain—on December 19, 2025. Subsequently, the ED issued an order under Section 17(1-A) of the Prevention of Money Laundering Act, 2002, freezing demat accounts and mutual fund folios held by Urban Infrastructure Venture Capital Ltd. (UIVCL), a subsidiary of Jai Corp, valued at approximately ₹99 crore as of December 19, 2025. The ED also seized around ₹1.74 crore in cash from the residences of Virendra Jain and Gaurav Jain.

The company clarified that it did not immediately disclose the ED’s order as it was evaluating the legal implications and ascertaining facts to avoid premature or incorrect disclosures. Jai Corp noted that there is no specific requirement under SEBI (LODR) Regulations, 2015, to disclose such orders, and that the matter is currently sub-judice, making it impossible to assess the financial impact at this stage.

Key Highlights:

ED visited Jai Corp’s Mumbai office and residences of top directors on December 19, 2025.
Demat and mutual fund accounts of subsidiary UIVCL, valued at around ₹99 crore, were frozen.
Nearly ₹1.74 crore in cash was seized from the residences of directors Virendra Jain and Gaurav Jain.
Jai Corp stated there is no specific SEBI LODR obligation to disclose such ED orders and was assessing the legal position.
The matter is sub-judice; financial impact cannot be ascertained until the investigation concludes.

Source: Jai Corp Limited NSE/BSE Corporate Announcements

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