Overview
- The Enforcement Directorate said it searched multiple locations in Mumbai on October 29 under the PMLA in a probe into Varanium Cloud Ltd., promoter Harshavardhan Sabale, and linked entities.
- Investigators say the firm raised about Rs 40 crore in a September 2022 IPO for edge data centres and digital learning centres that were not executed.
- Officials reported seizing over 400 cheque books tied to mule accounts, more than 200 SIM cards in 100-plus dual-SIM phones, and laptops and hard drives.
- The probe alleges a network of forged KYC and dummy SIMs used to operate mule bank accounts and to route funds through more than 150 shell or drawer companies.
- Trading patterns cited by the ED indicate an artificial price run-up followed by heavy offloading consistent with a pump-and-dump scheme, and additional persons and entities have been placed under scrutiny.