Latest news with #MukeshManveerSingh
India Gazette
5 days ago
- Business
- India Gazette
ED seizes luxury cars, Rs 78 lakh in Debock Industries scam raids
New Delhi [India], July 7(ANI): The Directorate of Enforcement (ED), Jaipur Zonal Office, conducted search operations on Friday at several locations in Jaipur and Kota districts of Rajasthan under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in the case of the Debock Industries Ltd (DIL) Scam, said the release. The searches have been conducted at the residence and office of the Chairman, i.e. Mukesh Mahavar alias Mukesh Manveer Singh of Debock Industries Limited (a NSE-listed company), and his associates. ED initiated an investigation based on an FIR registered by the Rajasthan Police against Abhishek Khandelwal, Najiya Bano and others, and a Prosecution Complaint filed by the SEBI against Debock Industries Limited, Mukesh Manveer Singh, Sunil Kalot and Priyanka Sharma. The company undertook a rights issue of shares in June 2023 and collected a sum of Rs 49.09 Crore. As per the release, during the PMLA investigation, it was discovered that these individuals had inflated share prices and cheated gullible investors for their personal gain. DIL manipulated its financial statements, submitted false bank accounts, reported fake sales and purchases, did round-tripping of funds and migrated to the main board of the National Stock Exchange for the issuance of rights shares. Further, the entire proceeds collected from the issue of rights that should have been used for legitimate business purposes have been siphoned off by the promoters and their associates. During the search operations, it was discovered that the suspects had appointed their low-level employees as Directors to mislead the stock exchanges. Furthermore, prima facie, it is found that the Directors had siphoned off monies to overseas entities, diverted this money, and invested in real estate. Furthermore, the ED has seized Rs. 78 lakh in unaccounted cash, along with four high-end luxury cars, including a Rolls-Royce Phantom, a Bentley Mulsanne, a Mercedes-Benz G-Wagon (Brabus), and a Toyota Land Cruiser. During the search, various incriminating documents related to investments in properties, banking records, and digital devices have been seized. Further investigation is under progress. (ANI)
Time of India
6 days ago
- Politics
- Time of India
Debock MD had fought LS election in 2019: ED
1 2 Jaipur: Mukesh Kumar , chairman and managing director of Debock Industries Limited, contested the 2019 Lok Sabha elections from Tonk-Sawai Madhopur seat on a Shiv Sena ticket. During his campaign, he enlisted Rakhi Sawant as a star campaigner, but he only received 4,600 votes and secured seventh place. This was revealed by the Enforcement Directorate (ED) which concluded its raids at the Jaipur-based company. Mukesh also introduced himself as Mukesh Manveer Singh in business circles of Rajasthan and other parts. ED officials said that there could be a possibility that Mukesh aimed to conceal his financial scams exceeding Rs 100 crore by entering politics. "Presently, we are only investigating Rs 100 crore scam, though we are aware of some of his previous cheating cases lodged at various police stations in Jaipur." TOI obtained a copy of the 2019 Tonk-Sawai Madhopur election results in which Kumar received 4,600 votes and lost his security deposit. During that time, Kumar invited Rakhi Sawant as a campaigner and organised a vehicle rally at Sawai Madhopur too. Regarding his name, the ED authorities said that it is not clear why he was changing his name from Mukesh Kumar to Mukesh Manveer Singh. "Many times, people use this trick to avoid their debts. He was introducing himself as Mukesh Manveer Singh in the business circles of Jaipur and other parts of Rajasthan," the officer said. Meanwhile, ED raids resulted in the seizure of Rs 78 lakh, four luxury vehicles, and property papers as proceeds of the Rs 100 crore scam. "A few other things are on our radar. A few properties at Chaksu and Tonk could also be the proceeds of crime. We will urge people not to invest in this group or its properties," the officer said.
Time of India
7 days 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.
