India, Oct. 20 -- The Enforcement Directorate (ED) has frozen trading accounts worth Rs.200 crore linked to alleged beneficiaries of a Rs.600-crore share price manipulation case involving two listed companies, in which over one lakh retail investors allegedly suffered losses after the stocks crashed.

The agency' s Mumbai unit conducted searches at 29 locations across six cities on Friday. The raids covered Mumbai and Nashik in Maharashtra, and Ahmedabad, Gandhinagar, Surat and Bhavnagar in Gujarat.

Among the premises searched were the offices of RM Drip and Sprinklers Systems Ltd and R&B Denims Ltd, whose share prices were allegedly manipulated. The ED also searched the residences of the companies' promoters and people who allegedly rec...