The Enforcement Directorate (ED) Mumbai Zonal Office carried out search operations under the Prevention of Money Laundering Act (PMLA), 2002, at multiple locations in Mumbai, Surat, and Delhi. These operations are part of an ongoing investigation into Iceworth Reality LLP and other entities linked to the price manipulation of Sunrise Asian Limited (SAL) scrips.
During the raids, the ED seized or froze movable properties worth approximately Rs 38.57 crore, including diamonds, bank funds, demat account holdings, and cash. Additionally, various incriminating documents and digital devices were recovered.
The ED’s investigation began following a complaint under several sections of the Securities and Exchange Board of India (SEBI) Act, 1992. The case involves Iceworth Reality LLP and other accused parties manipulating the stock prices of SAL, in collaboration with interconnected group entities, to make unlawful profits at the expense of genuine investors.
The investigation revealed that the price hike of SAL’s scrip during the investigation period was not aligned with the company’s actual financial performance but was due to manipulative practices by the involved group entities.
Further findings indicated that numerous entities and individuals profited significantly from the price manipulation of SAL’s scrips, causing substantial losses to bona fide investors. These illegal profits were laundered through various accounts belonging to different entities and individuals, some of whom were involved in diamond trading.
