ED seizes ₹38.57cr assets in iceworth realty case

MUMBAI: The Enforcement Directorate (ED) has seized/frozen movable assets worth ₹38

MUMBAI: The Enforcement Directorate (ED) has seized/frozen movable assets worth ₹38.57 crore in a series of searches conducted in Mumbai, Surat, and Delhi. This action is part of a money-laundering investigation against Iceworth Realty LLP and other entities accused of manipulating stock prices.

HT Image

The investigation began based on a complaint under various sections of the SEBI (Securities and Exchange Board of India) Act, 1992, according to agency sources. The case involves alleged manipulation of the stock prices of Sunrise Asian Limited (SAL) by Iceworth Realty LLP and other connected entities, resulting in “unlawful profits at the expense of bonafide investors.”

An ED source said, “The increase 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 investigation revealed that numerous entities and individuals allegedly made substantial profits by manipulating SAL’s stock prices, causing losses to genuine investors.

The illegal gains were reportedly routed through various accounts, with some entities involved in diamond trading. On Wednesday, the agency conducted searches under the Prevention of Money Laundering Act, seizing movable properties including diamonds, bank funds, demat account holdings, and cash worth ₹38.57 crore. Additionally, various documents and digital devices were confiscated.