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New Delhi, Nov 4 (PTI) The Enforcement Directorate (ED) on Tuesday said it has unearthed an alleged money laundering network worth Rs 40 crore that duped a number of investors by launching an initial public offer (IPO) in 2022 and share manipulation.

The federal probe agency conducted searches on October 29 in Mumbai and seized 400 cheque books linked to ‘mule’ bank accounts and 200 mobile phone SIM cards to probe “large-scale" manipulation of financial records using techniques like ‘pump and dump’ and ‘drawer companies’.

The investigation, being conducted under the provisions of the Prevention of Money Laundering Act (PMLA), is against a company named Varanium Cloud Ltd., its promoter Harshavardhan Sabale and other associated entities, the ED said in a statement

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