MUMBAI, Oct. 7 -- The Enforcement Directorate (ED) has provisionally attached 88.47 acres of land at Alibaug in Raigad district, valued at Rs.336 crore, as part of its money-laundering probe into the alleged fraudulent diversion of funds from a Rs.2,434-crore real estate fund floated by Jai Corp Limited. The ED's probe was initiated based on a February 2025 case registered by the Central Bureau of Investigation (CBI), following a Bombay High Court order dated January 31, 2025. Jai Corp Limited, Urban Infrastructure Venture Capital Limited (UIVCF), Urban Infrastructure Trustees Ltd and others were named as accused by the CBI. The ED's investigation revealed that in 2006-07, Jai Corp Limited launched the UIVCF and mopped up Rs.2,434 crore from a large number of investors. The collected amount was subsequently invested in a number of special purpose vehicles (SPVs), to undertake construction projects across India. The value of funds in SPVs was allegedly "undervalued" at Rs.269.20 crore "in connivance with the management of the UIVCF" and investors were allowed to exit at a significantly undervalued amount; residual units were allegedly acquired by five entities related to Jai Corp, ED officials said. "This fraudulent act resulted in the generation of proceeds of crime of Rs.230 crore," an ED official said....