Enforcement Directorate has raided 29 premises across six cities including Mumbai, Nashik, Ahmedabad, Gandhinagar, Surat and Bhavnagar, freezing trading accounts worth ₹200 crore under the Prevention of Money Laundering Act. The action follows SEBI’s earlier searches against promoters and intermediaries linked to R M Drip and Sprinklers Systems and R&B Denims.
Between April 2023 and March 2024, more than 3.5 crore shares and warrants were allotted to select individuals at low prices. Investigators allege prices were inflated through coordinated trades and corporate announcements while holdings remained concentrated among connected accounts. Retail investors were targeted through WhatsApp groups such as Multibagger Stocks, which circulated daily buy tips between December 2025 and February 2026. Investor numbers in these stocks surged from about 3,400 to over 1,00,000, marking a rise of nearly 2,840%.
Entities including Affluence Gems, Kawa HUF and Komalay Consultancy are among those named in the probe. The ED seized documents, digital devices, property papers and transaction records during the raids. SEBI had earlier conducted three‑day searches at promoter directors’ premises and a merchant banking firm, collecting evidence of alleged manipulation. Both SEBI and ED continue to investigate charges of market abuse, preferential allotments and laundering of illicit gains, with focus on protecting retail investors from fraudulent schemes.
