ED seizes over a dozen luxury vehicles after raids on Rajasthan-based company

Jaipur, July 4 (IANS) The Enforcement Directorate (ED) has launched a major operation against Debock Industries Limited, a company listed on the stock exchange and based in Rajasthan. The agency conducted simultaneous raids across multiple locations, including Jaipur, Tonk, and Deoli, targeting serious allegations of financial fraud, stock market manipulation, and the use of fake companies and dummy directors.

The action began early Friday morning and is being viewed as a significant step towards uncovering large-scale irregularities in the financial markets. According to sources in the investigation, the ED is probing how the company's share price, which was trading at merely Rs 8, suddenly skyrocketed to Rs 153 within six months.

Such a dramatic and unjustified increase in stock value triggered alerts with regulatory bodies, leading to further investigation into artificial price inflation and fraudulent trading practices.

Preliminary findings suggest that the company may have used shell companies and dummy directors to manipulate the stock prices and lure unsuspecting investors, resulting in major financial losses. These companies were allegedly created solely for the purpose of inflating trading volumes and artificially boosting share prices to mislead the market.

The ED’s investigation gained momentum after it received a formal complaint highlighting extensive financial fraud linked to the company’s operations. Acting on this, the agency raided the residence and office of Mukesh Manveer Singh, the owner of Debock Industries, located in Lohia Colony, Vaishali Nagar, Jaipur. In addition to Jaipur, several other properties connected to individuals involved in the scam were searched in Tonk and Deoli.

During the raids, the ED reportedly seized over a dozen luxury vehicles, adding to suspicions of money laundering and illegal asset acquisition.

The agency is now examining financial records, transaction trails, and ownership structures linked to Debock Industries and its associated entities. This case is being seen as a landmark action by the ED in Rajasthan, aimed at protecting investors and maintaining transparency in the financial system. Further details are expected as the investigation progresses.

--IANS

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