India, Nov. 5 -- The Enforcement Directorate (ED) recently carried out searches at several locations in Mumbai as part of its money-laundering probe related to a technology firm, Varanium Cloud Limited, its promoter, and associated entities, based on credible information indicating that they were allegedly involved in large-scale manipulation of financial records, circular fund movements and suspected laundering of proceeds of crime.

The accused entities had raised around Rs.40 crore through an Initial Public Offer (IPO) in September 2022. An IPO is a privately held firm's first sale of stock to the public via any stock exchange. The company had allegedly projected itself as a fast-growing technology firm in the fields of digital media, ...