The Directorate of Enforcement (ED) has conducted searches and seizure actions at three premises, including a call center based in South Delhi’s Khanpur area, allegedly involved in misleading foreign citizens by offering pirated software in the name of original ones.
File image (Photo: IANS)
The Directorate of Enforcement (ED) has conducted searches and seizure actions at three premises, including a call center based in South Delhi’s Khanpur area, allegedly involved in misleading foreign citizens by offering pirated software in the name of original ones.
According to sources, the operation began late on Thursday night and continued on Friday.
Advertisement
Initial investigation indicates that the call centre is being operated by the persons who allegedly misled the foreign citizens based in the United States of America and also other nations.
Advertisement
The probe is underway in connection with the funds around Rs 100 crores that have been received as foreign remittances over the past few years (2016-17 to 2024-25).
Meanwhile, the anti- money laundering agency is also conducting searches under the provisions of the PMLA, 2002, in the alleged Mutual Fund Front- Running Scam case.
On Friday, the ED headquarters launched search operations at multiple locations in Delhi, Ahmedabad, Bhavnagar, Bhuj, Gurgaon, Kolkata, and Ludhiana under the Prevention of Money Laundering Act (PMLA), 2002, in this connection.
The search operations are part of an ongoing probe into the illegal profits made by certain entities or persons by indulging in front-running trade activities in scripts traded by a Mutual Fund entity during the period 2018 to 2021.
The probe under the PMLA was initiated by the federal agency stemming from an FIR filed by Mumbai Police last year in the month of December, which alleged that the accused, who was the then Fund Manager of the mutual fund company exploited confidential information on the trades to be executed on behalf of the entity, to trade stocks in a pre-emptive manner, generating substantial illicit gains.
Front-running refers to an unethical and illegal practice in the securities market where brokers or traders execute orders for their own benefit using advance knowledge of pending client orders.
This malpractice compromises market integrity and disadvantages other investors.
Advertisement
