Jain is accused of floating several shell companies in Delhi including Akichan Developers Private Ltd, Indo Metal Impex Private Ltd, Paryas Infosolutions Private Ltd and Manglayatan Projects Private Ltd during 2009-10 and 2010-11 for alleged money laundering.
"These shell companies do not have any real business. Jain had laundered black money of Rs 16.39 crore during 2010-11 to 2015-16 through 54 shell companies of three hawala entry operators of Kolkata namely Jeevendra Mishra, Abhishek Chokhani and Rajendra Bansal," said an official in the Home Ministry.
Jain has denied all these allegations saying the CBI action is politically motivated.
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