ED Raids in Mumbai, Surat, Delhi Unearth Rs 38.57 Crore in Fraud Investigation

The Enforcement Directorate (ED) raided several locations in Mumbai, Surat, and Delhi as part of an ongoing investigation into M/s Iceworth Reality LLP. Movable properties worth Rs 38.57 crore were seized. The case involves illegal manipulation of stock prices, leading to significant losses for investors.

The Enforcement Directorate (ED) conducted raids across Mumbai, Surat, and Delhi on July 31, targeting several locations as part of an investigation into M/s Iceworth Reality LLP and associated entities.

According to an ED statement, 'During the course of search operations, movable properties including diamonds, bank funds, demat account holdings, and cash totaling approximately Rs 38.57 crore have been seized. Various incriminating documents and digital devices were also recovered.'

The ED's probe is based on a complaint under the Securities and Exchange Board of India (SEBI) Act 1992. The case revolves around the manipulation of stock prices of Sunrise Asian Limited (SAL), with investigations revealing that multiple entities and individuals profited unlawfully while bona fide investors suffered losses.