12 March 2024
The Enforcement Directorate (ED) registered the case based on a Central Bureau of Investigation (CBI) FIR against the accused, including Jain, alleging that they entered into a criminal conspiracy and, during the period from 2007 to 2014, cheated and defrauded IFFCO, XiidfTTPftåSi\ Limited and the Government of India by fraudulently importing fertilisers and other materials at inflated prices and claimed higher subsidy, thereby causing loss to the public exchequer. The specific allegation against Jain was that he, along with the co-accused, acted as intermediaries who channelised the ill-gotten money through various firms and companies registered either in their names or in the names of the sons of the managing directors of IFFCO and Indian Potash Limited.
The Enforcement Directorate (ED) registered the case based on a Central Bureau of Investigation (CBI) FIR against the accused, including Jain, alleging that they entered into a criminal conspiracy and, during the period from 2007 to 2014, cheated and defrauded IFFCO, XiidfTTPftåSi\ Limited and the Government of India by fraudulently importing fertilisers and other materials at inflated prices and claimed higher subsidy, thereby causing loss to the public exchequer. The specific allegation against Jain was that he, along with the co-accused, acted as intermediaries who channelised the ill-gotten money through various firms and companies registered either in their names or in the names of the sons of the managing directors of IFFCO and Indian Potash Limited.
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