Supreme Court orders CBI probe into Jai Corp fraud

The Supreme Court has confirmed the Bombay High Court's order for a special investigation team (SIT) to investigate Jai Corp and its director Anand Jain for allegedly defrauding investors of Rs 2,434 crore. This decision comes despite previous investigations finding no merit in the claims. Jai Corp's legal team argued that the allegations had already been reviewed by various regulatory bodies, including SEBI, which found no wrongdoing. They stated that the High Court's order for a CBI investigation was unwarranted, as there were no complaints from shareholders or lenders. The CBI has filed an FIR against Jai Corp and several individuals, alleging they misappropriated funds raised from the public for real estate projects. The investigation will focus on claims of fraud involving significant sums and complex financial transactions.