Enforcement Directorate has seized four high-end luxury cars including a Rolls Royce Phantom, Bentley Mulsanne, Mercedes Benz G-Wagon (Brabus) and Toyota Land Cruiser in a money laundering investigation.
Prices of seized cars Rs 2.29 crores to Rs 8.9 crores.
Last Friday, ED Jaipur Zonal Office conducted searches in Jaipur and Kota in a case linked to Debock Industries Limited “scam”.
“The searches were conducted at the residence and office of the chairman i.e. Mukesh Mahavar alias Mukesh Manveer Singh of M/s. Debock Industries Limited (a NSE listed company), and his associates,” ED said.
ED case stems from FIR filed by the Rajasthan Police against Abhishek Khandelwal, Najiya Bano and others and a prosecution complaint filed by the SEBI against M/s. Debock Industries Limited, Mukesh Manveer Singh, Sunil Kalot and Priyanka Sharma.
The company had gone for the rights issue of shares during June 2023 and collected a sum of Rs 49.09 crore.
“ED’s investigation has revealed these individuals had inflated the share prices and cheated investors for their personal gains. The company manipulated its financial statements, submitted false bank accounts, reported fake sales and purchases, did round tripping of funds, and migrated to the main board of the National Stock Exchange for issuance of rights shares,” said officials.
“Probe further revealed that money collected from the issue of rights that should have been used for legitimate business purposes have been siphoned off by the promoters and their associates,” ED said in a statement.
The anti-money laundering federal probe agency has also found that the suspects had appointed their junior employees as directors to mislead the stock exchanges.
“Prima facie it has also been found that the directors then siphoned off monies to overseas entities, diverted the money and invested in real estate,” ED said. During searches Rs 78 lakh have also been seized.