Mumbai, Oct. 16 -- The Directorate of Enforcement (ED) conducted searches at 29 premises across six cities today as part of a money laundering investigation into alleged manipulation of shares of listed companies R M Drip and Sprinklers Systems Ltd and R&B Denims Ltd, which reportedly caused substantial losses to more than one lakh retail investors.
Officials from the ED's Mumbai Zonal Office-I carried out the searches under the Prevention of Money Laundering Act, 2002, in Mumbai, Nashik, Ahmedabad, Gandhinagar, Surat and Bhavnagar.
The premises covered included offices of both companies, residences of their promoters and individuals allotted shares at discounted prices, stockbroking and finance establishments, and locations linked to sus...