The Directorate of Enforcement (ED) conducted search operations under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, on March 8, at eight official and residential premises in Nashik and Thane (Maharashtra). The operation targeted M/s KBC Multitrade Pvt Ltd and its Promoters/Directors. Additionally, searches were carried out on March 11, at a bank locker belonging to Sanjay Panchariya, maintained with Anand Nagari Sahakari Patsanstha Maryadit.

During the extensive search action, documents related to 20 properties valued at Rs 62 crore were seized. Furthermore, restraint orders were placed under section 17(1A) on bank account balances totalling Rs 16.6 crore, demat account balances worth Rs 44.61 lakh, and post office savings amounting to R5.56 lakh. Additionally, gold and diamond jewellery worth Rs 30.75 lakh were seized.