The Enforcement Directorate (ED) conducted raids at the Mumbai office of the Subhash Chandra-owned Essel Group, which also houses the offices of Zee Media, Zee Learn, Mount Litera Edu Foundation, Essel Homes, and Essel Infra and Housing, as reported by ET Now. The ED also questioned the staff during the raids. It is worth noting that Zee stocks recently plummeted after Sony called off its planned $10 billion merger with Zee Entertainment Enterprises Ltd (ZEEL). The termination of the deal came after a dispute over the leadership of the merged entity and an investigation into the conduct of ZEE's CEO Punit Goenka by the Securities and Exchange Board of India (SEBI). In response, ZEE has reportedly taken legal action against Sony, challenging their demands in arbitration proceedings. This latest raid by the ED adds to the mounting troubles for the Essel Group and ZEE in the ongoing investigation into financial misconduct.

Source: ET Now, Moneycontrol, PTI