ED Conducts Searches in Digi Mudra Connect Crypto Fraud Case Involving Crores.

Headnote:

The Directorate of Enforcement (ED), Jaipur Zonal Office conducted search operations on 31 December 2025 at seven premises located across Jaipur and Kishangarh (Ajmer) under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). The searches were carried out in connection with a large-scale cheating and investment fraud case involving M/s Digi Mudra Connect Private Limited and its Directors Ravi Jain and Prakash Chand Jain, who allegedly duped investors of crores of rupees by promising exceptionally high returns.

Background of Investigation:

• ED initiated investigation on the basis of multiple FIRs registered by STF Bhopal, Madhya Pradesh, and various Police Stations across Rajasthan, Haryana, Odisha and Maharashtra.

• The FIRs were registered against Prakash Chand Jain, Ravi Jain, and other associated persons for cheating and fraud-related offences.

Modus Operandi

• ED investigation revealed that the accused, acting in collusion, cheated thousands of investors by inducing them to invest crores of rupees through an online platform and mobile application named “My Victory Club (MVC)”, which claimed to be engaged in cryptocurrency trading.

• To gain investor confidence, the perpetrators installed the MVC mobile application on investors’ phones and created unique investor IDs.

• The app displayed virtual balances and daily profits, creating an illusion of returns; however, no actual withdrawals or genuine returns were ever provided to investors.

Diversion and Laundering of Proceeds of Crime

• Investigation revealed that funds invested by gullible investors were diverted into personal bank accounts of the promoters/directors of M/s Digi Mudra Connect Private Limited, as well as their family members, relatives, and agents.

• The Proceeds of Crime (PoC) were used to acquire immovable properties in the names of family members of the accused.

• It was further revealed that Ravi Jain, one of the main perpetrators, is currently in Dubai, from where he allegedly channelised Proceeds of Crime abroad for investments in real estate and other business ventures.

Seizures and Findings During Search

• Seizure of incriminating documents and digital evidence

• Seizure of cash amounting to ₹11.3 lakh

• Identification of immovable properties worth several crores of rupees (approx.)

• Detection of bank balances amounting to approximately ₹38 lakh in accounts linked to accused persons and related entities

Legal Provisions Invoked:

• Prevention of Money Laundering Act, 2002 (PMLA)

Status of Investigation

• Further investigation is under progress.