The Supreme Court on Monday upheld the Bombay High Court’s order directing the CBI to form a Special Investigation Team (SIT) to probe fresh complaints against Jai Corp Ltd, its director Anand Jain, and others for allegedly defrauding public investors of ₹2,434 crores in real‑estate investments. The petition, filed by activist Shoaib Richie Sequeira to the EOW in late 2021 and early 2023, accuses the company of misappropriating investor funds, launder­ing bank loans through offshore shell companies, issuing dubious invoices, and engaging in fraudulent trading and round‑tripping of money via entities in Mauritius, Jersey, Australia, the USA and the UAE . . Despite earlier findings by SEBI, SAT and the BSE that found no merit, the court emphasized that regulatory clearance does not preclude criminal liability, and upheld the CBI’s FIR under IPC sections including criminal conspiracy and cheating . . Additionally, senior counsel Harish Salve and Mahesh Agarwal — representing the company — argued that previous probes had already examined the allegations through due process .

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