Whatsapp-based Pump & Dump Share Manipulation Scam – FinTechBizNews

Home keyboard_double_arrow_right Stock Exchanges keyboard_double_arrow_right Whatsapp-based Pump & Dump Share Manipulation Scam The share manipulation scam involving R M Drip and Sprinklers Systems Ltd and R&B Denims Ltd. The search action led to freezing of about Rs200 Cr in trading accounts and seizer of incriminating documents and digital devices. Press Release 19.10.2026 ED conducts searches at 29 premises in 6 cities in a WhatsApp-based “pump and dump” fraud in the shares of two listed companies Directorate of Enforcement (ED), Mumbai Zonal Office-I, conducted search operations on 16.10.2026 at 29 premises in Mumbai, Nashik, Ahmedabad, Gandhinagar, Surat and Bhavnagar under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The searches relate to the manipulation of the shares of listed companies, including M/s R M Drip and Sprinklers Systems Ltd and M/s R&B Denims Ltd. The premises searched included the offices of the two companies, the residences of their promoters, the residences of persons to whom shares were allotted at low prices, the offices of stock-broking and finance firms, and the premises of persons suspected of running the promotional WhatsApp groups.  Preferential allotments to a connected circle –  The PMLA investigation revealed that between April 2023 and March 2024
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