JAIPUR — In one of this year’s most significant financial crime actions, the Enforcement Directorate (ED) conducted coordinated raids across Jaipur, Tonk, and Deoli, seizing ₹78 lakh in unaccounted cash and multiple luxury vehicles—including a Rolls-Royce Phantom, Bentley Mulsanne, Mercedes G-Wagon (Brabus), and Toyota Land Cruiser. The operation targeted Debock Industries Ltd. and associated firms amid a suspected ₹100-crore rights-issue scam that manipulated share prices and misled retail investors.
Rights Issue Scam and Illegal Asset Accumulation
ED officials allege Debock Industries, a former NSE-listed company, artificially inflated its share price from ₹8 to ₹153 within six months and raised approximately ₹49 crore through a rights issue in June 2023. Instead of deploying the funds for expansion, promoters allegedly siphoned off the proceeds through shell entities and luxury asset investments—real estate, vehicles, and even a helicopter parked at a high-end villa project in Chaksu.
Low-level employees were reportedly made fig-leaf “directors” to mislead regulators. The rapid wealth accumulation and aggressive asset acquisition raised regulatory alarms, triggering simultaneous raids under the Prevention of Money Laundering Act (PMLA).
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ED’s Response and Next Steps
The ED’s Jaipur Zonal Office commenced the operation on July 4, 2025, in conjunction with prior FIRs lodged by the Rajasthan Police and prosecution complaints filed by SEBI. The high-performing crackdown reflects law enforcement’s growing focus on stock-market-related financial fraud and money laundering. Investigators recovered documents, digital records, bank statements, and devices during the raids.
The ED confirmed ongoing verification of the seized assets, including eight luxury vehicles in some reports, and is closely examining links to shell companies and overseas fund transfers. Promoters Mukesh Mahavar (also known as Mukesh Manveer Singh) and other individuals like Gaurav Jain and Jyoti Chaudhary—associated with Naturo India Bull—remain under intense scrutiny.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change