ED raids Mumbai sites linked to Varanium Cloud IPO fraud worth Rs 40 crore

The Enforcement Directorate raided multiple Mumbai locations linked to Varanium Cloud and its promoter Harshavardhan Sabale in a ₹40-crore money laundering case tied to its 2022 IPO.

The Directorate of Enforcement (ED) on Tuesday said it has conducted searches at multiple locations in Mumbai in connection with an alleged money laundering case involving Varanium Cloud Ltd, its promoter Harshavardhan Sabale, and several associated entities. The searches, carried out on October 29, 2025, were initiated under the Prevention of Money Laundering Act (PMLA), 2002, following credible inputs about large-scale manipulation of financial records, circular fund movements, and suspected laundering of proceeds of crime, according to an official statement.

 

What is the ED investigating in the Varanium Cloud case?

 

According to the ED, Varanium Cloud and its related entities