After SEBI, ED crackdown against ‘pump and dump’ operators, ED raids 29 premises in 6 cities
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Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Enforcement Directorate searched 29 premises in six cities on October 16 regarding a money laundering probe.
- ✓Officials froze trading accounts worth Rs 200 crore after investigating share manipulation of R M Drip and Sprinklers Systems Ltd and R&B Denims Ltd.
- ✓The agency seized many documents and digital devices during raids.
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- Category
- MARKET
- Reported By
- Moneycontrol
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
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The Enforcement Directorate (ED) has frozen trading accounts worth about Rs 200 crore after searching 29 premises across six cities in a money laundering probe into the alleged manipulation of shares of R M Drip and Sprinklers Systems Ltd and R&B Denims Ltd, according to a press release issued by the agency. The action follows the Securities and Exchange Board of India’s (SEBI’s) crackdown on suspected stock market manipulation involving the two companies.
The ED’s Mumbai Zonal Office-I conducted the searches on October 16 under the Prevention of Money Laundering Act (PMLA) in Mumbai, Nashik, Ahmedabad, Gandhinagar, Surat and Bhavnagar. The premises searched included company offices, promoters’ residences, those who received shares at low prices, broking and finance firms, and individuals suspected of operating promotional WhatsApp groups.
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