On August 12 and 13, multiple ED teams conducted coordinated raids in Delhi and Mumbai. The agency said: “These operations are part of an ongoing investigation into Virk and her associates, who are alleged to have exerted undue influence through misrepresentation and defrauded individuals by soliciting money under false pretences.”

During the searches, the ED says it seized incriminating documents and recorded statements from key persons associated with Virk.

The probe follows an FIR filed by the Punjab Police. ED alleges that Virk acquired immovable property through deceptive promises. She purported to be behind *hyboocare.com*, a portal claiming to sell FDA-approved beauty products—which, according to the ED, were “non-existent.”

“The website lacks user registration, has persistent payment gateway issues, low social media engagement, an inactive WhatsApp contact, and no transparent organisational details—signs that it was primarily a front for laundering funds,” said an ED spokesperson.

The agency further claimed that Virk maintained regular contact with Angarai Natarajan Sethuraman, former director at the now-defunct Reliance Capital. The ED says searches at his residence corroborated links to “illegal liaison work” and exposed diversion of funds for personal benefit: Rs 18 crore disbursed in breach of lending norms and a Rs 22 crore home loan issued without due process. “Large parts of these loans were siphoned off and remain unpaid,” alleged the ED.

Sethuraman has denied the allegations, stating the home loan was granted following due process with adequate collateral and that he has “no connection or involvement” with Virk or her activities