Mumbai, June 18 (UNI) The Central Bureau of Investigation (CBI) on Wednesday opposed the pleas filed by city-based firm Jai Corporation and its director and promoter Anand Jaikumar Jain before the Bombay High Court challenging the FIR (first information report) registered by the central agency alleging serious financial irregularities by the company and its promoters.

The central agency had alleged defrauding of funds to the tune of Rs 2,434 crore from the public investors during 2006-8 in real estate projects among other irregularities.

The move comes on the orders of the Bombay High Court after a complaint was filed by activist Shoaib Richie Sequeira.

Sequeria had alleged that funds were mobilised from the public for the Urban Infrastructure Opportunities Fund scheme for the purpose of real estate business in Mumbai and other cities.

It is alleged that funds were diverted for setting of companies in tax havens, for alleged fraudulent trading of future and options of a leading oil major and other illegal activities.

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