ED Freezes Trading Accounts in Social Media Scam Probe
The Enforcement Directorate (ED) conducted searches at 29 locations across Mumbai, Nashik, Ahmedabad, Gandhinagar, Surat, and Bhavnagar last week under the Prevention of Money Laundering Act. The investigation involves R M Drip and Sprinklers Systems and R B Denims, which issued over 35 million shares and convertible warrants via preferential allotments from April 2023 to March 2024. Funds reportedly originated from a small network of connected individuals, firms, and lenders.
ET Markets·




