India, June 16 -- The Enforcement Directorate (ED) has frozen bank funds worth Rs.18.4 crore during search operations conducted across four states, including in Mumbai and Thane, as part of a money-laundering investigation into an alleged online investment fraud that duped investors through fake stock market and Initial Public Offering (IPO) schemes.

According to the ED, victims were allegedly lured through social media platforms and WhatsApp groups with promises of high returns from investments in stock markets and IPOs. Investors were directed to use mobile applications such as 'CHC-SES', 'ALICE' and 'ESCORTS' for making investments.

Officials said the apps appeared to show substantial profits and growing returns after investments wer...