Debock owner was investing proceed of crime in realty: ED
2
3
Jaipur: The owner of Debock Industries Ltd was investing the proceeds of financial fraud, amounting to over Rs 100 crore, in real estate. They were acquiring villas, housing schemes, hotels and resorts with wedding banquet halls.
This was revealed by officials of the
Enforcement Directorate
(ED) investigating the money laundering case against the group. As the raids continued Saturday, an ED officer said, "We have seized Rs 78 lakh, property papers of 150 bighas of land, incriminating documents and evidence against the company."
"They were building a resort near Chaksu for destination weddings. It has all the modern amenities, including lavish banquet halls and others to organise big and royal weddings.
They were buying villas and hotels. Our team is assessing to calculate the proceeds of crime," the officer added.
He said, "We have seized four luxury vehicles, including a Rolls Royce, Bentley, Land Cruiser, and Mercedes G Wagon Brabus, from the Vaishali Nagar office-cum-residence of the managing director of the Debock group, Mukesh Manveer Singh," the officer added.
The ED conducted raids Friday at 12 locations across Jaipur and Kota, exposing a massive financial fraud exceeding Rs 100 crores by Debock Industries Ltd. The investigation was initiated following a complaint by the Securities and Exchange Board of India (SEBI). The operations targeted the premises of company owner Mukesh Manvir Singh and other key individuals allegedly involved in the scam, including Gaurav Jain and Jyoti Chaudhary.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
33 minutes ago
- Indian Express
Jarnails who patronised drug trade are behind bars, will pay for their sins: Mann
Punjab Chief Minister Bhagwant Mann Saturday said his government would ensure 'exemplary punishment' for those responsible for ruining the lives of the state's youth through drug trafficking. 'The 'Jarnails' who patronised drug trade have already been put behind bars and exemplary punishment will be ensured for those who ruin the youths by selling them narcotic substances. No one had previously dared to arrest these affluent leaders, but now they will pay the price for their sins,' Mann said. Speaking at an event held to dedicate Rs 350 crore worth of road and library projects to the residents of Amritsar, Mann that Punjab government has launched the Yudh Nasheyan Virudh campaign to combat the drug menace and to channel the boundless energy of the youth in a positive direction. 'The state cannot remain a silent spectator while smugglers flourish at the cost of victims,' he said, adding that the drug supply lines have been disrupted and several key figures arrested. 'For the first time, illegally acquired properties of drug smugglers are being confiscated or demolished,' he said. Mann also announced a Rs 3,500-crore road infrastructure project covering 19,000 km of link roads. He accused the Union government of withholding Rs 6,000 crore of Punjab's share in the Rural Development Fund (RDF). 'If the funds were released, every road in Punjab could be constructed,' he said. Mann said past governments imposed taxes on vehicles transporting holy scriptures, which his administration has since abolished. 'Punjab enjoys peace, harmony, and unity, which are essential for development,' he said. The Chief Minister stated that investment worth over Rs 1 lakh crore had been secured in the last three years. 'These investments are backed by Punjab's infrastructure, skilled workforce, and business-friendly environment,' he said. Joint committee to resolve biogas plant issue in Akhara village: CM Ludhiana: Chief Minister Bhagwant Mann Saturday announced the formation of a joint committee of villagers and experts to find a permanent solution for setting up a biogas plant in Akhara village of Ludhiana district. A decision to this effect was taken after CM met a delegation led by Gurtej Singh, representative of the Akhara Sangharsh Committee. Mann said the panel will consider each and every concern raised by the villagers and after thorough examination, submit its recommendations, upon which the government will take necessary action. He said the panel will submit its report within the scheduled timeframe.
Hans India
35 minutes ago
- Hans India
Gold rates in Visakhapatnam today stable , check the rates on 6 July, 2025
The gold rates today stable in Visakhapatnam on 6 July, 2025. Going by the rates today, the price of 10 grams of 22-carat gold is Rs. 90,600 while the rate of 10 grams of 24-carat gold is at Rs. 98,830. While the Silver rate is at Rs. 1,20,000 per kilogram. The gold rates in the international market have been fluctuating. Over the past few weeks gold rates have experienced a fall during the wedding season, fluctuating around Rs. 90,000 for 10 grams of 24-carat gold and approximately Rs. 1,00,000 for 10 grams of 22-carat gold. The gold prices mentioned here are due at 8am, the prices could alter at every moment and hence the gold buyers need to track the live prices at a given time. The mentioned prices here are closing prices of yesterday while today's price would begin either with a decrease or increase.
&w=3840&q=100)
Business Standard
37 minutes ago
- Business Standard
Allied Engineering Works files IPO papers, to raise ₹400 cr via fresh issue
Smart energy meter manufacturer Allied Engineering Works has filed preliminary papers with the markets regulator Sebi to garner funds through an initial public offering (IPO). The proposed IPO is a combination of fresh issuance of shares worth ₹400 crore, and an offer-for-sale of 75 lakh shares by promoter Ashutosh Goel, according to the draft red herring prospectus (DRHP) filed on Saturday. Proceeds from the fresh issue will be used for part financing the capital expenditure required to set up manufacturing facilities. This includes Rs 116.75 crore for the production of smart gas meters, smart water meters, and IoT (Internet of Things) solutions at the Kundli facility, and Rs 99.71 crore for the production of smart electricity meters at the Rai facility. Additionally, ₹120 crore will be allocated towards meeting the company's future working capital requirements and a portion of the proceeds will also be used for general corporate purposes. Also, the city-based company considers raising up to ₹80 crore in a pre-IPO round. If such fund-raising is undertaken, then fresh issue size will be reduced. Allied Engineering Works is a technology-driven solutions provider, focused on meeting the evolving needs of utilities in implementing smart metering infrastructure across India and enhancing the efficiency of utility distribution systems. As of March 31, 2025, the company has supplied 2.92 million smart energy meters to one utility and 13 Advanced Metering Infrastructure Service Providers (AMISPs) for installation across six states, including Andhra Pradesh, Gujarat, Maharashtra, Haryana, Punjab and Uttar Pradesh, representing about 10 per cent of the total smart energy meters installed in India, according to a Crisil report. Allied Engineering Works' competes with companies include Genus Power Infrastructures, HPL Electric and Power, Secure Meters, Avon Meters and Capital Power Systems. Axis Capital and IIFL Capital Services have been roped in as merchant bankers to manage the IPO. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
