2 days ago
Debock owner was investing proceed of crime in realty: ED
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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.
