Latest news with #MukeshManvirSingh
Time of India
a day ago
- Business
- Time of India
Debock owner was investing proceed of crime in realty: ED
1 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.
Time of India
2 days ago
- Business
- Time of India
ED uncovers 100cr financialfraud in Jaipur-based company
Jaipur: The Enforcement Directorate (ED) Friday conducted raids at 12 locations across Jaipur, Tonk and Kota, uncovering a massive financial fraud exceeding Rs 100 crore by Debock Industries Ltd, a city-based group. The agency had investigated the company following a complaint by the Securities and Exchange Board of India (Sebi). During the raids, ED officials seized over Rs 70 lakh in cash, property documents. The group's eight luxury vehicles, including a Rolls Royce and a Bentley, are also being assessed. 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. According to a senior ED official who spoke on condition of anonymity, the Jaipur-based company, which operates in agricultural equipment, hospitality services and mining sectors, allegedly created fake firms and appointed proxy directors between 2020 and 2023 to inflate their earnings and balance sheets. "This manipulation resulted in an extraordinary increase in the company's share price from Rs 8 to Rs 150 within six months during 2023," the ED official told TOI. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Men Over 50: Frequent Urination & Weak Stream? Do this Before Bed healthydayscare Click Here Undo by Taboola by Taboola "The actions of the company, prima facie, reveal a brazen and calculated effort to defraud investors and deceive regulatory authorities," the official said. The investigation revealed that the company manipulated the share through listing fictitious entities in the stock market. Sebi had initially filed a prosecution complaint against Debock Industries in Aug 2024, which led to the ED investigating the company for money laundering in March 2025. The probe will continue as ED processes the seized documents and assets. Investigators are currently reviewing monetary documentation, payment pathways and corporate hierarchies connected to the company and its related business units.
