Anand Jain and Mukesh Ambani share an in depth friendship since their college days. Over time, Jain additionally turned near Dhirubhai Ambani, and was thought-about an in depth confidante of the Reliance founder.
Anand Jain, a distinguished businessman thought-about an in depth aide of Mukesh Ambani, and referred by many because the “third son” of Reliance Industries founder Dhirubhai Ambani, is dealing with allegations of monetary fraud worth Rs 2400 crore and is being investigated by a Particular Investigation Group (SIT) following instructions issued by the Bombay Excessive Court docket to the CBI in January this 12 months.
Who’s Anand Jain?
A widely known title in the enterprise world, Anand Jain heads Jai Corp Restricted as its Chairman, and was as soon as ranked eleventh on the Forbes’ record of 40 richest Indians. Anand’s son, Harsh Jain is the co-founder and CEO of fantasy sports activities platform, Dream 11.
In keeping with Forbes, Mukesh Ambani and Anand Jain had deliberate to develop a number of particular financial zones (SEZs) in addition to a port, however confronted setbacks in land acquisition. Jain is a serious title in the true property enterprise, having investments in 33 tasks in 14 cities throughout India.
Anand Jain and Mukesh Ambani share an in depth friendship because the college days at Mumbai’s Hill Grange Excessive College. Over time, Jain additionally turned near Dhirubhai Ambani, and was thought-about an in depth confidante of the Reliance founder until the latter’s demise. Because of this, Anand Jain is referred to by many insiders as Dhirubhai Ambani’s “third son”.
Anand Jain profession and rise of Reliance Industries
Anand Jain started his journey in the enterprise world nearly concurrently along with his childhood friend Mukesh Ambani, and first got here to limelight in the course of the mid-Nineteen Eighties, when he performed a key position in dismantling a bear cartel led by former Bombay Inventory Alternate (BSE) kingpin, Manu Manek.
Through the years, Anand Jain would slowly change into a central determine in the administration of Reliance’s day-to-day operations, particularly in Mukesh Ambani’s pet telecom mission, Reliance Infocomm, which later turned Reliance Jio Infocomm Restricted (RJIL), and is presently the biggest telecom supplier in India.
Jain additionally carefully managed Reliance’s actual property ventures resulting from his experience in the sector.
By no means took a wage at Ambani’s Reliance
Regardless of being carefully related to the Reliance Group for over 25 years in numerous roles, Anand Jain has reportedly by no means taken a wage, his shut friendship Mukesh Ambani and his respect for late Dhirubhai Ambani, apparently being the one causes for his affiliation with the Fortune 500 conglomerate.
In keeping with particulars, Anand Jain joined the Reliance Group, leaving his personal enterprise in Delhi, in 1981 when Mukesh Ambani returned from Stanford College. Since then, Jain has remained carefully related to Reliance, and presently serves as a senior govt, in cost of a group engaged on the primary greenfield SEZ in Mumbai.
Jain, whose web worth is pegged at round $525 million, in response to Forbes, has beforehand served as as vice-chairman of Reliance Capital and was additionally on the board of Indian Petro Chemical compounds Ltd.
Other than his position in Reliance, Anand Jain can be the chairman of the enterprise capital agency, City Infrastructure Enterprise Capital Restricted, which funds younger entrepreneurs and companies.
What are the allegations in opposition to Anand Jain?
In keeping with the complaints filed in opposition to Anand Jain, the businessman and his firm Jai Corp, are accused of defrauding traders, misappropriation of public funds for private achieve, round-tripping of funds by shell firms based mostly in tax havens aka cash laundering, and creation of doubtful and fictitious invoices,
The allegations are serious offenses of monetary fraud and cash laundering beneath the Indian Penal Code (IPC), and the Prevention of Cash Laundering Act (PMLA).
In the meantime, based mostly on the directive issued by the Bombay Excessive Court docket, the CBI has registered an FIR in opposition to Anand Jain and his firm, in which the veteran businessman has been accused of committing fraud to the tune of Rs 2,434 crore. The central company’s investigation in the case additionally entails City Infrastructure Enterprise Capital and City Infrastructure Trustees Ltd, two companies floated by sister firms of Jai Corp, and their related companions.
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