ED Raids Dream11 Office in ₹2,434 Cr Money Laundering Probe

The Enforcement Directorate (ED) has conducted extensive searches at the Mumbai headquarters of the fantasy gaming giant Dream11 and the personal premises of its co-founder, Bhavit Sheth. These raids, carried out on Friday, are part of a widening money laundering investigation linked to an alleged ₹2,434 crore financial fraud involving the Mumbai-based conglomerate Jai Corp Limited. The central agency’s operations covered over 25 locations across India, including Mumbai, Nashik, Bengaluru, and Raipur, as officials hunt for evidence of fund diversion as reported by TOI. 

The investigation primarily focuses on industrialist Anand Jaikumar Jain, the Chairman of Jai Corp Limited, who is also the father of Dream11’s CEO and another co-founder, Harsh Jain. According to the official report, during the operation, ED officials recorded preliminary statements from Bhavit Sheth, Anand Jain, and Harsh Jain under the Prevention of Money Laundering Act (PMLA). 

As the ED raids Dream11's office in Mumbai, the agency is currently scrutinizing financial transactions to determine if there are any illicit links between Jai Corp and Dream Sports, the parent company of Dream11. Investigators are probing allegations that funds raised for domestic real estate projects were siphoned off and diverted to foreign jurisdictions through complex, layered transactions.

Roots of the Alleged ₹2,434 Crore Fraud

The case is rooted in a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI), following a directive from the Bombay High Court in February 2025. The Court ordered the formation of a special investigation team (SIT) to probe a petition filed by activist Shoaib Richie Sequeira. Sequeira alleged that Anand Jain and his associates misappropriated investor funds raised through the SEBI-registered Urban Infrastructure Opportunities Fund between 2006 and 2008. 

The probe suggests that approximately ₹2,434 crore intended for Indian projects, along with unlawful bank loans, was routed to offshore entities in Mauritius, Jersey, Australia, and the US, using fake invoices and shell companies.

In Mumbai alone, ED teams searched various locations, including Anand Jain’s residence on Peddar Road, Jai Corp’s offices, and the premises of Urban Infrastructure Venture Capital in Nariman Point. During these searches, officials seized various digital records and financial documents to trace the "proceeds of crime.”

While Dream11 has recently shifted its business model following changes to India’s online gaming laws, it now faces intense scrutiny regarding its exposure to this alleged money laundering network. Neither Jai Corp nor Dream Sports has released an official statement regarding the raids. The investigation highlights the growing regulatory pressure on the financial dealings of technology and gaming firms, particularly those with complex intersections with the real estate and investment sectors.