The Enforcement Directorate (ED) has intensified its crackdown on financial irregularities in the corporate sector, conducting extensive search operations at the headquarters of fantasy gaming giant Dream11 and premises linked to its co-founder, Bhavit Sheth. The raids, carried out on December 19, 2025, are part of a widening investigation into a staggering ₹2,434-crore money laundering case involving Mumbai-based conglomerate Jai Corp Limited.
The central agency’s operations spanned over 30 locations across India, including Mumbai, Nashik, Bengaluru, and Raipur. Officials are investigating whether funds allegedly misappropriated from Jai Corp were channeled through complex, layered transactions into technology and sports gaming firms like Dream Sports, the parent company of Dream11.
The Connection: Jai Corp and Dream Sports
The investigation’s primary focus is industrialist Anand Jaikumar Jain, the Chairman of Jai Corp Limited. The link to Dream11 is direct and familial: Anand Jain is the father of Harsh Jain, the CEO and co-founder of Dream11.
The ED is scrutinizing financial links to determine if “proceeds of crime” from Jai Corp were integrated into the gaming platform’s ecosystem. Preliminary statements from Bhavit Sheth, Anand Jain, and Harsh Jain were recorded under the Prevention of Money Laundering Act (PMLA) during the searches.
Origins of the ₹2,434-Crore Case
The probe stems from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) earlier in 2025, following a directive from the Bombay High Court. The court had ordered a Special Investigation Team (SIT) to look into a petition filed by activist Shoaib Richie Sequeira.
The allegations suggest that between 2004 and 2017, Jai Corp and its associates diverted investor funds—originally raised for real estate projects in India—to offshore entities in tax havens like Mauritius and Jersey. The agency claims that fictitious invoices and shell companies were used to obscure the money trail and defraud public-sector entities and private investors alike.
Regulatory Pressure on Gaming
This raid follows a series of recent actions by the ED against major real-money gaming (RMG) platforms, including WinZO and Gameskraft. While Dream11 recently pivoted to a free-to-play model following new online gaming laws, it now finds itself under intense scrutiny for its historical financial associations.
As of now, neither Jai Corp nor Dream Sports has released a formal statement regarding the ongoing searches.