The Enforcement Directorate (ED) has intensified its crackdown on financial irregularities by conducting raids at 29 locations across various cities, including Mumbai, Nashik, and Ahmedabad, on October 16. This operation targets a WhatsApp-based manipulation scheme allegedly involving companies like R M Drip and R&B Denims. The scheme reportedly involved the artificial inflation of share prices through coordinated messages on WhatsApp.
During these raids, the ED seized significant amounts of incriminating documents and electronic devices, which are crucial for building the case against the suspects. The agency has also frozen assets amounting to ₹200 crore located in various trading accounts linked to the accused. This move aims to prevent further financial transactions that could hinder the investigation.
- Raids across multiple cities — ED targets locations in Mumbai, Nashik, and Ahmedabad.
- Assets frozen at ₹200 crore — significant financial stakes involved in the scam.
- Ongoing investigation — ED continues to explore the manipulation scheme's reach and complexity.
As the investigation unfolds, the ED is expected to uncover more details about the network involved in this manipulation scheme. The use of digital platforms like WhatsApp for financial fraud raises concerns about the regulation of online trading and the need for stricter oversight in the financial markets.
