MUMBAI, 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 were made. However, when investors attempted to withdraw their money, they were allegedly prevented from doing so and were instead asked to pay additional amounts in the name of taxes and other charges. The searches were carried out between June 1 and June 4 at eight locations in Mumbai, Thane, Bengaluru and Gurugram. The companies covered during the operation included Payx Digital Payment Pvt Ltd, Smoothpe Digital Pvt Ltd, Kinsen Business Solution Pvt Ltd, Safexpay Technologies Pvt Ltd, Gyan Kuber Ltd and Decentro Tech Pvt Ltd. During the operation, the ED froze bank balances worth Rs.18.4 crore spread across 129 bank accounts and also froze certain lockers. Officials said various incriminating documents and digital evidence were seized and are being examined as part of the ongoing investigation. The money-laundering probe stems from multiple cases registered by the Cyber Crime Police Station under the Bidhannagar Police Commissionerate in West Bengal, which relate to alleged cyber fraud involving fake investment schemes. The agency is examining the role of various accused persons and entities suspected....