NEW DELHI: The Enforcement Directorate (ED) has arrested Prakash Chand Jain, director of Digi Mudra Connect Pvt Ltd, from Rajasthan’s Jaipur in a multi-crore investment fraud linked to the My Victory Club app, the agency said on Wednesday.
The agency has found that hundreds of crores were collected from investors and diverted to promoters’ personal accounts and properties. “Searches across seven locations led to seizure of cash, incriminating documents and assets, while key accused Ravi Jain is suspected to have laundered proceeds abroad,” the agency said.
Further, Prakash Chand Jain was produced before the court ion Jaipur where he was sent to four-days custody to ED for further investigation under PMLA.
ED initiated an investigation based on FIRs registered by the STF Bhopal, Madhya Pradesh and various other police stations in various districts of Rajasthan, Haryana, Odisha and Maharashtra, against Prakash Chand Jain, Ravi Jain and others.
ED investigation has revealed that the accused individuals, had cheated crores of rupees from thousands of peoples by alluring them to invest in the fraudulent schemes by promising very high returns through their platform/app namely My Victory Club (MVC).
During the investigation under PMLA, 2002, conducted so far, it is also observed that hundreds of crores of rupees were collected from various investors and a part thereof was diverted into the personal accounts of promoters and directors of Digi Mudra Connect Private Limited and their family members, relatives and agents.
“The Proceeds of Crime generated has been utilised by the accused person in acquiring immovable properties in the name of their family members,” the agency said.
Earlier, ED had conducted searches at seven premises of accused persons on December 31, 2025, seizing various incriminating documents, digital evidence and cash amounting to Rs 11.3 lakh along with the revelation of various immovable properties worth multiple crores and an amount of Rs 38 lakh available in various bank accounts related to accused persons and entities.
During the searches, it was revealed that Ravi Jain had channelised the proceeds of the crime to Dubai for investment in real estate and other business ventures.
“Further investigation is under progress,” the agency said.