Enforcement Directorate

An Enforcement Directorate (ED) team of the Mumbai zonal office conducted search operations at the business premises of M/s Iceworth Reality LLP and other entities in Surat, Mumbai, and Delhi on July 31. The raids lasted two days and led to the seizure of movable assets worth ₹38.57 crore, including diamonds, bank funds, demat accounts, and cash.

The ED seized several incriminating documents and digital devices.

The Mumbai ED had initiated the probe based on a complaint filed under sections of the SEBI (Securities and Exchange Board of India) Act and was conducting the search under the Prevention of Money Laundering (PMLA) Act.

The investigation revealed that Iceworth Reality LLP, along with other accused individuals and entities operating in Surat, Mumbai, and Delhi, had manipulated the stock price of Sunrise Asian Pvt Ltd (SAL) in collusion with other groups, causing undue gains at the expense of bonafide investors.

During the initial stages of the ED’s investigation, it was found that the company’s stock price did not align with its actual financial performance.

Furthermore, it was discovered that several individuals and entities involved in manipulating the SAL stock price at the expense of genuine investors had made substantial profits. A majority of these entities were found to be involved in diamond trading.