Vehicles recovered in ED raid
The Jaipur Zonal Team of the Enforcement Directorate (ED) raided several bases in the Debok Industries Limited (DIL) scam under the Money Laundering Act (PMLA) in Jaipur and Kota districts of Rajasthan. In the ED raid, unaccounted cash of Rs 78 lakh and such luxury cars have been recovered whose names and whose price will be blown away. The names of the recovered cars are Rolls Royce Phantom, Bentley Mulsanne, Mercedes G-Wagon (Brabus) and Toyota Land Cruiser, these four vehicles have been seized.
Action taken on the basis of complaint
The ED also came to know that the company misled the stock market by making its lower level employees directors. Initial investigation has also revealed that directors sent funds abroad and invested it in real estate. The ED took this action at the residence and offices of the company’s chairman Mukesh Mahawar alias Mukesh Manveer Singh and his colleagues. Debock Industries is an NSE listed company. This investigation of ED was initiated on the basis of prosecution complaint filed by Rajasthan Police’s FIR and SEBI.
Many objectionable documents recovered
It is alleged in the complaint that the company raised around Rs 49.09 crore in June 2023 through the Rights issue. But while misusing this amount, the share prices were artificially raised and investors were cheated. Investigation also revealed that the company showed fake bank accounts, recorded false transactions, round tripping and entered the main NSE board and took the wrong path for the rights issue. After this, instead of putting the raised amount in business, promoters and their associates grabbed for personal benefit. The ED has also seized several objectionable documents, banking records and digital devices during this period.
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