Jaipur, 1 January: The Enforcement Directorate (ED) Jaipur zonal office conducted a major operation on Wednesday against Digi Mudra Connect Private Limited and its directors, Ravi Jain and Prakash Chand Jain, under the Prevention of Money Laundering Act (PMLA), 2002.
ED carried out searches at seven locations in Jaipur and Kishangarh (Ajmer). The accused allegedly defrauded thousands of innocent investors of crores of rupees through the My Victory Club (MVC) platform/app by luring them with promises of high returns in cryptocurrency trading.
The investigation is based on First Information Reports registered at various police stations in Rajasthan, Haryana, Odisha, Maharashtra, and the STF in Bhopal (Madhya Pradesh). It revealed that investors were persuaded to install the MVC app on their mobile phones and create IDs. The app displayed the deposited amount and daily virtual profits, but actual withdrawals or returns were never paid.
According to the ED, the funds collected from investors were transferred to the personal bank accounts of the company promoters, their family members, relatives, and agents. The proceeds of the crime were used to purchase immovable properties in the family members’ names. The main accused, Ravi Jain, is currently in Dubai, where he is alleged to have invested the illicit money in real estate and other businesses.
During the raids, the ED seized several incriminating documents, digital evidence, and cash worth ₹11.3 lakh. Additionally, around ₹38 lakh was found in bank accounts linked to the accused individuals and entities. Information about immovable properties worth crores was also uncovered.
This case resembles a classic Ponzi/MLM scheme, where money from new investors was used to show returns to earlier investors, but ultimately the scheme collapsed, leaving thousands defrauded. The ED stated that the fraud has a nationwide reach.
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My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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