ED raids several locations in Mumbai, Surat and Delhi
New Delhi [India], August 2 (ANI): The Enforcement Directorate (ED) Mumbai Zonal Office raided several locations in Mumbai, Surat and Delhi on July 31.
The search operations were part of an ongoing investigation against M/s Iceworth Reality LLP and other entities.
“During the course of search operations, movable properties in the form of diamonds, bank funds, demat account holdings and cash to the tune of approximately Rs 38.57 crore have been seized and various incriminating documents, digital devices have been recovered and seized,” the agency said in a statement.
The ED initiated the investigation on the basis of a complaint under various sections of the Securities and Exchange Board of India (SEBI) Act 1992.
“The case pertains to the manipulation of stock prices of the scrip of Sunrise Asian Limited (SAL) by the company and other accused persons in collusion with several inter-connected group entities, thereby making unlawful profits at the expense of bona fide investors. Furthermore, the increase witnessed in the price of the scrip during the investigation period was not in synchronisation with the actual financial performance of the company and was solely on account of the manipulations committed by the group entities,” the agency said.
An investigation revealed that several entities and individuals had derived huge profits by indulging in the manipulation of the prices of the SAL while causing a loss to genuine investors.
“The illegal profits derived in this manner were routed through the accounts of different entities and individuals, with some of them being engaged in the business of diamond trading,” it added.