State of Maharashtra vs Michael Ferreira and others — QNet case

The Enforcement Directorate is conducting investigations into an alleged stock market manipulation racket involving the artificial inflation of share prices followed by a crash. Searches were carried out across 29 premises in Gujarat and Maharashtra, targeting entities involved in the trading of listed companies including RM Drip and Sprinklers Systems and R&B Denims.

The Enforcement Directorate has initiated a money laundering probe following the discovery of an alleged illegal egg extraction and sale racket involving the Malti IVF Centre. Authorities allege that the facility operated unauthorized branches in the Mumbai Metropolitan Region, specifically in Badlapur and Thane, without obtaining the mandatory licenses and approvals.

Nirav Modi and his uncle Mehul Choksi are accused of orchestrating a massive fraud at Punjab National Bank's Brady House Branch in Mumbai by allegedly obtaining fraudulent Letters of Undertaking (LoUs) without following due process, causing losses estimated between ₹13,000–14,500 crore to the bank. The CBI registered an FIR and has filed multiple chargesheets before a Special CBI Court in Mumbai — the ED has conducted parallel PMLA proceedings and attached assets worth over ₹18,000 crore. Both primary accused remain at large outside India: Nirav Modi is held in UK custody pending extradition, and Mehul Choksi was arrested in Belgium in 2025 with an Antwerp appellate court having cleared his extradition to India. The domestic trial before the Special CBI Court in Mumbai is ongoing, with supplementary chargesheets continuing to be filed as recently as March 2025.