The Enforcement Directorate (ED) has frozen shares worth Rs 4.3 crore and seized Rs 2.51 crore in cash during raids linked to its probe into the alleged Rs 91.63-crore Q-Fon Digital investment scam. The agency suspects that part of the defrauded investors’ money was channelled into the stock market to conceal its illegal origins.

The money-laundering investigation, launched under the Prevention of Money Laundering Act (PMLA), stems from an FIR filed by the Thane Police’s Economic Offences Wing (EOW). Acting on leads, the ED recently conducted searches at 10 premises in Ahmedabad and three in Surat, all linked to directors of Q-Fon companies and individuals suspected of handling investor funds.