Tiger Global-backed Jar premises searched by Karnataka CID
25 Feb 2026, 10:00 PMThe investigation unit has registered a case under the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019, and the probe is on.
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The premises of wealthtech startup Jar, which is backed by Tiger Global, was searched by the Karnataka Crime Investigation Department’s (CID) Deposit Fraud Investigation Unit over potential violations in its gold storage practices, including custodial arrangements and the maintenance of safeguards, the Moneycontrol reported.
The investigation unit has registered a case under the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019, and the probe is on.
Jar lets users invest in and purchase digital gold in the form of micro transactions. The asset type has been surging in popularity and companies like Jar have benefited from it.
The startup reported a 50-fold jump in revenue from operations to Rs 2,447.8 crore in the fiscal ended March 31, 2025 from Rs 49 crore in the previous financial year.
Jar's net loss also narrowed significantly to Rs 50.5 crore in FY25 from Rs 104 crore in FY24.
Jar's website states that the company secures gold traded on the platform with BRINKS, a globally recognised gold vaulting partner, and is insured by ICICI Lombard.
The Securities and Exchange Board of India (SEBI) had in November 2025 warned against investing in digital gold products because they are not regulated like securities
An email sent to Jar did not elicit an immediate response.
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