On July 31, 2024, the Enforcement Directorate (ED) conducted raids in Mumbai, Surat, and Delhi as part of an ongoing investigation into M/s Iceworth Reality LLP and other associated entities. The operation led to the seizure of approximately Rs 38.57 Crore in assets, including diamonds, cash, bank funds, and demat account holdings. Various incriminating documents and digital devices were also recovered.

The investigation was initiated based on a complaint under the SEBI Act, 1992, and focuses on allegations of stock price manipulation for Sunrise Asian Limited (SAL). The accused are alleged to have artificially inflated SAL's stock prices, resulting in unlawful profits while causing losses to legitimate investors. The investigation revealed that these illicit profits were channeled through various accounts, including those involved in diamond trading.