<h1>Agency alleges Rs 40 crore PMLA money-laundering involving 2022 tech IPO, circular trading, pump-and-dump, shell companies</h1> A federal enforcement agency alleges an alleged Rs 40 crore money-laundering scheme centered on a 2022 IPO of a technology firm and linked entities, investigated under the Prevention of Money Laundering Act. Authorities claim funds raised for data-center and EdTech projects were diverted via false transactions, circular trading and a 'pump-and-dump' share manipulation, causing investor losses. Searches recovered over 400 cheque books, 200+ SIM cards and dual-SIM phones, revealing a network of mule accounts, forged KYC, and more than 150 shell/dummy companies used for layering and routing illicit proceeds. Prosecution and asset-recovery proceedings under PMLA are indicated.