Crackdown on App-Based Fraud: Director Arrested in Rajasthan

The Enforcement Directorate (ED) has apprehended a director of Digi Mudra Connect Private Limited, a Jaipur-based company, on charges of money laundering. The investigation, involving multiple states, revealed a multi-crore-rupee fraud via the My Victory Club app, defrauding investors with promises of high returns.

The Enforcement Directorate (ED) has made a significant breakthrough in a major money-laundering case, arresting a director of a Rajasthan-based company on charges connected to a multi-crore-rupee investment scam. The director, Prakash Chand Jain, associated with Digi Mudra Connect Private Limited, was apprehended on Tuesday.

The probe, which is linked to several FIRs filed across states like Madhya Pradesh, Rajasthan, Haryana, Odisha, and Maharashtra, highlights the involvement of Jain as a key player, along with the Dubai-based alleged main perpetrator, Ravi Jain. As per ED's statement, the scheme reportedly deceived thousands using the My Victory Club app, promising substantial returns.

A portion of the illicit funds was allegedly funneled into the personal accounts of promoters, directors, and their relatives. The ED further uncovered that these proceeds were used for real estate ventures and overseas business interests, following searches conducted in December last year.