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​The Enforcement Directorate (ED) of India has been actively investigating several companies under the Prevention of Money Laundering Act (PMLA) for alleged financial irregularities and fraudulent activities. Below is a detailed overview of some prominent cases:​

1. Paytm and Its Subsidiaries
On March 3, 2025, the ED announced that Paytm and its subsidiaries had violated the Foreign Exchange Management Act (FEMA) involving approximately ₹6.11 billion (USD 70 million). The allegations include unreported foreign investments and receipt of foreign direct investments without adhering to the Reserve Bank of India's (RBI) pricing guidelines. Specifically, Paytm's units, Little Internet and Nearbuy India, failed to comply with reporting and pricing regulations. Paytm has stated that it is addressing the matter legally and asserts that the investigation will not affect its services. ​

2. Bhutani Group and WTC Builder
On February 29, 2025, the ED conducted searches across multiple premises of two real estate companies, including Bhutani Group and WTC Builder, in Delhi-NCR. The investigation is linked to alleged fraud with homebuyers. Bhutani Infra has stated that it severed all ties with the WTC Group earlier this month and is cooperating with the ED in its investigation. ​

3. Kalpataru Group
In February 2025, the ED attached properties worth ₹30.5 crore of Kalpataru group companies as part of a PMLA probe. The attached assets include immovable properties located in various locations. ​

4. Pancard Clubs Limited
On February 28, 2025, the ED conducted searches against Pancard Clubs Limited (PCL), its former directors, and others in connection with an alleged investment fraud of ₹4,500 crore affecting about 50 lakh depositors. PCL is accused of running a collective investment scheme in violation of SEBI norms, promising high returns and other benefits to investors. Incriminating documents related to overseas assets were seized during the raids. ​

5. NewsClick
In October 2023, the ED conducted raids on the premises of NewsClick, a news portal, and its promoters in connection with alleged money laundering activities. The investigation pertains to purported unlawful foreign funding and financial irregularities. NewsClick has denied these allegations, asserting its independence as a news organization. ​

6. Razorpay
In 2022, Razorpay, a prominent payment gateway, came under the ED's scrutiny for allegedly processing payments related to illicit businesses, particularly unauthorized loan apps operated by entities with Chinese affiliations. The ED conducted searches at multiple premises associated with these payment processors, aiming to uncover potential violations of the PMLA. During these operations, the ED reportedly froze approximately ₹500 crore in virtual accounts linked to the investigated entities. As of January 2025, Razorpay stated that it had not received any new inquiries regarding the case, indicating a resolution of the immediate concerns raised during the initial probe. ​

7. Avantha Group and Gautam Thapar
Gautam Thapar, promoter of the Avantha Group, has been under ED investigation for alleged money laundering and bank fraud cases. In August 2024, the ED attached assets worth ₹678 crore belonging to the Avantha Group as part of their investigations under the PMLA. Additionally, in September 2024, the ED attached 24 properties worth ₹78 crore of a company beneficially owned by Thapar in connection with the alleged bank fraud. ​

8. Dewan Housing Finance Corporation Limited (DHFL)
DHFL has been under ED investigation for alleged financial irregularities and money laundering activities. In October 2019, the ED conducted raids at several DHFL offices and promoter residences, uncovering links to money laundering activities involving loans given to firms closely linked to the promoters. The trail of one such loan led to associations with gangster Iqbal Mirchi, an accomplice of organized crime mastermind Dawood Ibrahim. The promoters of DHFL have faced multiple legal actions, including arrests and charges under the PMLA. ​

9. Yes Bank and Rana Kapoor
Rana Kapoor, founder of Yes Bank, was arrested by the ED in March 2020 under the PMLA for alleged money laundering activities. He is accused of receiving kickbacks for sanctioning large loans through Yes Bank, which later turned into non-performing assets. The ED alleges that Kapoor and his family members received benefits through companies controlled by his family as kickbacks for sanctioning huge loans. As of August 2023, Kapoor's bail plea was refused by the Supreme Court, noting that the case rocked the entire financial system. ​

These cases highlight the ED's ongoing efforts to investigate and prosecute entities involved in financial irregularities and money laundering under the PMLA.​