Jaipur: The Enforcement Directorate (ED) Friday conducted raids at 12 locations across Jaipur, Tonk and Kota, uncovering a massive financial fraud exceeding Rs 100 crore by Debock Industries Ltd, a city-based group. The agency had investigated the company following a complaint by the Securities and Exchange Board of India (Sebi).During the raids, ED officials seized over Rs 70 lakh in cash, property documents. The group’s eight luxury vehicles, including a Rolls Royce and a Bentley, are also being assessed. The operations targeted the premises of company owner Mukesh Manvir Singh and other key individuals allegedly involved in the scam, including Gaurav Jain and Jyoti Chaudhary. According to a senior ED official who spoke on condition of anonymity, the Jaipur-based company, which operates in agricultural equipment, hospitality services and mining sectors, allegedly created fake firms and appointed proxy directors between 2020 and 2023 to inflate their earnings and balance sheets.“This manipulation resulted in an extraordinary increase in the company’s share price from Rs 8 to Rs 150 within six months during 2023,” the ED official told TOI. “The actions of the company, prima facie, reveal a brazen and calculated effort to defraud investors and deceive regulatory authorities,” the official said.The investigation revealed that the company manipulated the share through listing fictitious entities in the stock market. Sebi had initially filed a prosecution complaint against Debock Industries in Aug 2024, which led to the ED investigating the company for money laundering in March 2025. The probe will continue as ED processes the seized documents and assets.Investigators are currently reviewing monetary documentation, payment pathways and corporate hierarchies connected to the company and its related business units.
