The Enforcement Directorate (ED) has seized assets valued at approximately Rs.3.9 crore as part of its ongoing investigation into money laundering activities linked to Dentsu Communications India Private Limited and Suumaya Industries Ltd. The searches, conducted in Mumbai, Delhi, and Gurgaon, were part of the agency’s probe into allegations of financial misconduct involving these companies and their promoters.
The investigation stems from a case registered by Worli police, where the accused allegedly embezzled Rs.137 crore from non-banking financial companies by falsely claiming future benefits under a ‘Need to Feed’ programme. The accused claimed that the programme, supposedly linked to the Haryana state government, was a project for supplying agricultural products during the Covid pandemic. However, the ED’s investigation revealed that no such contract existed, and the accused never supplied any products under the programme.
The accused reportedly fabricated records, including lorry receipts and invoices, to create a false impression of agricultural supply operations. The ED has seized movable assets, including Rs.46 lakh in cash, Rs.4 lakh in foreign currency, and gold bars worth Rs.3.4 crore. The agency also recovered incriminating documents related to property transactions and digital devices, which are under further examination.
In its probe, the ED discovered that entities linked to the Suumaya group had engaged in transactions worth Rs.5,000 crore, with only 10% of these being legitimate. These circular transactions allegedly inflated the turnover of companies, including Dentsu India, misleading investors and driving up share prices. For example, Suumaya Industries Ltd’s turnover reportedly surged from Rs.210 crore to Rs.6,700 crore between 2019-20 and 2021-22, causing a dramatic increase in its share price.
The ED’s investigation also uncovered a pattern of inflated transactions used to manipulate share prices and influence government contracts. Stock brokers and merchant bankers allegedly carried out this scheme, making cash payments for commodities contracts and acquiring companies that were later listed on stock exchanges.
 has seized assets valued at approximately Rs.3.9 crore as part of its ongoing investigation into money laundering activities linked to Dentsu Communications India Private Limited and Suumaya Industries Ltd. The searches, conducted in Mumbai, Delhi, and Gurgaon, were part of the agency’s probe into allegations of financial misconduct involving these companies and their promoters.){kind=link}