The Enforcement Directorate (ED) on Wednesday carried out searches at various locations in Mumbai, Surat and Delhi in connection with an ongoing money laundering investigation against M/s Iceworth Reality LLP and other entities.
The search operations led to seizure and freezing of movable properties in the form of diamonds, bank funds, demat account holdings and approximately Rs 38.57 crore in cash. Various incriminating documents and digital devices have also been seized, the agency stated on Friday.
The agency’s money laundering investigation was initiated on the complaint under various sections of SEBI Act 1992.
The central agency stated that the current case pertains to manipulation of stock prices of the scrip of Sunrise Asian Limited (SAL) by M/s Iceworth Reality LLP and other accused persons/entities in collusion with several inter-connected group entities, thereby making unlawful profits at the expense of bonafide investors.
“The increase witnessed in the price of the scrip during the investigation period was not in synchronization with the actual financial performance of the company and was solely on account of the manipulations committed by the group entities,” the ED said in a statement.
The anti-money laundering agency’s investigation has revealed that several entities and individuals derived huge profit by indulging in manipulation of prices of the scrip of Sunrise Asian Limited (SAL), while causing 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 engaged in the business of diamond trading, the ED stated.
The agency is further investigating the matter and more developments are likely in the case in future, said a source in the ED.
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