IndiaPosted at: Nov 4 2025 9:56PM


ED uncovers "Pump and Dump" stock scheme in raids on Varanium Cloud Ltd

New Delhi, Nov 4 (UNI) The Enforcement Directorate (ED) announced on Tuesday that it recently conducted search operations at multiple locations in Mumbai. The raids are part of an ongoing investigation into Varanium Cloud Ltd., its promoter Harshavardhan Sabale, and other associated entities.
The searches were launched based on credible information indicating large-scale manipulation of financial records, circular fund movements, and suspected money laundering.
According to the ED, Varanium Cloud Ltd. and its associated companies raised approximately Rs 40 crore through an Initial Public Offering (IPO) in September 2022. The company claimed the funds would be used to set up edge data centers and digital learning centers in smaller towns. Projecting itself as a fast-growing firm in digital media, blockchain, and EdTech, it invoked the names of prominent business groups and media outlets to gain public trust.
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Tags: #ED uncovers "Pump and Dump" stock scheme in raids on Varanium Cloud Ltd
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