ED Raids Export Firm in Bengaluru, Mumbai Over Suspected Share Trading and Gold Import Irregularities

June 23, 2026 : The Enforcement Directorate (ED) on Wednesday conducted searches at nine locations in Bengaluru and Mumbai linked to an export-oriented company as part of an ongoing money laundering investigation. According to the agency, preliminary findings point to serious financial irregularities involving share transactions, gold imports, overseas investments, and dealings with foreign entities.

Investigators suspect that the company’s shares were traded through benami entities, leading to the alleged siphoning of more than 20 million US dollars out of India. During the searches, officials also identified significant discrepancies in the company’s gold inventory records. Physical verification reportedly revealed that the actual gold stock was nearly 40 percent lower than the quantity recorded in the company’s books.

The ED is further examining financial transactions in which trade receivables worth around ₹3,000 crore were allegedly adjusted against gold imports, the delivery of which is now under question. Officials believe these transactions may have been used to conceal the true nature of the company’s financial dealings.

The investigation has also uncovered concerns related to overseas direct investments. According to sources, more than ₹1,000 crore was allegedly invested in gold mining projects in Africa, but these investments were not reflected in the financial records of the company’s subsidiaries. In addition, the agency is scrutinizing the netting off of trade receivables and payables amounting to nearly ₹3,000 crore involving several UAE-based foreign entities whose credentials are currently under verification.

The searches are continuing, and the ED is expected to further analyze financial records, transaction trails, and overseas investments to determine the extent of the alleged violations.