I-T raids on Anand Jain offices, Jai Corp

Income tax officials conducted simultaneous raids on 8 offices of Jai Corp, promoted by Anand Jain, a confidante of Reliance Industries chairman Mukesh Ambani, on Thursday.

“We are conducting search operations at Jain’s establishments including Jai Corp,” a senior income tax official said.

“A team of 80 people is conducting the search operations at eight locations and it includes Jain’s residence,” the official said.

“We cannot say anything more at this moment. The operations are still on. All I can say for now is that the search operations have to do with some real estate deals,” the official added.

An email sent to Jai Corp’s investor relations department remained unanswered.
Jain shot into limelight in 2007, when Forbes named him among 40 richest Indian billionaires.

He has plans for several special economic zones in the country. The website of Jai Corp says he is chairman of the Navi Mumbai SEZ Pvt Ltd, the Mumbai SEZ Ltd, Reliance Haryana SEZ Ltd and Urban Infrastructure Venture Capital Ltd. The venture capital firm had raised $500 million from international investors for investing in the Indian real estate sector.

This apart, his Urban Infrastructure Opportunities Fund had raised Rs 3,286 crore from some 750 retail and institutional investors, the website said. This fund was scrutinised by the Income Tax Department in September last year. With agencies