The Directorate of Enforcement (ED) has conducted search and seizure operations at 10 locations across Delhi-NCR, Haryana, and Punjab in connection with a money laundering investigation linked to the alleged illegal procurement and sale of imported foreign liquor through Gurugram-based liquor vend chain ‘The Theka’.

The searches, carried out by the ED’s Gurugram Zonal Office on Tuesday and Wednesday under the PMLA, covered offices and residences of individuals associated with ‘The Theka’, foreign liquor suppliers, transporters, and others allegedly involved in the liquor syndicate.

According to the ED, the investigation stems from FIRs and charge sheets filed by Haryana Police over allegations of illegal sale of imported foreign liquor and misuse of the bond-to-bond transfer mechanism to evade customs duties and state excise taxes.

The case originated from a complaint by Excise Department officials, who seized 3,921 cases and 176 loose bottles of imported foreign liquor allegedly lacking mandatory holograms and Track & Trace strips from ‘The Theka’ on December 9, 2025. Another FIR was also registered against members of the syndicate for alleged involvement in the sale of spurious liquor.

The ED said its probe revealed that the syndicate exploited the bond-to-bond transfer system, which permits movement of imported liquor between states without immediate payment of customs and excise duties. To facilitate the operation, separate companies were established in Haryana and Goa/Maharashtra and requisite customs licences obtained.

While the liquor was officially meant to be transported to bonded warehouses in Goa or Maharashtra, investigators found that consignments were diverted in connivance with transporters and supplied directly to liquor vends in Gurugram. The liquor was then sold as legitimate imported stock, enabling the syndicate to evade customs duties, VAT, cesses, and other taxes.

The agency alleged that after securing a liquor licence for the 2025-27 period, the syndicate procured and sold imported liquor without holograms and Track & Trace strips to increase profits. More than one lakh bottles of imported liquor were procured and illegally sold between June and November 2025.

According to the ED, the operation yielded profits of 20-25 per cent on illegal sales and generated proceeds of crime exceeding Rs 10 crore.

During the searches, officials recovered and seized incriminating documents, digital records relating to the procurement and movement of imported liquor under customs bond arrangements, and cash amounting to Rs 11 lakh.

Further investigation is underway.

India-focused private credit assets under management (AUM) projected to increase to $56-65 billion by 2030 from $21.8 billion in CY2025, representing nearly threefold increase and a compound annual growth rate of about 21-24 per cent, a report said on Wednesday.

The report from CareEdge Ratings said India’s private credit market remains at an early stage of development, with penetration of only 0.6 per cent of GDP, compared with 4.4 per cent in the United States and 8.4 per cent in the United Kingdom, indicating substantial room for long-term growth.

India’s credit-to-GDP ratio, which typically ranges between 90 per cent and 102 per cent, rose from 93.8 per cent in 2023 to 95.3 per cent in 2024 and 102.3 per cent in 2025, after declining to 88.3 per cent in 2022.

By comparison, developed economies such as the United States, the United Kingdom and Australia maintain credit-to-GDP ratios of between 140 per cent and 200 per cent.

Private credit is addressing the funding gap for mid-market, growth-stage and asset-light businesses underserved by traditional lenders, with growth being driven by tighter bank lending norms, increasing demand for bespoke financing solutions, a large refinancing opportunity, and strengthening insolvency and recovery framework.

“India’s Private Credit market is expected to reach $56-65 billion by 2030, supported by growing corporate demand for flexible capital beyond standardised lending products. Direct lending, venture debt, special situations and real-estate credit are expected to drive this expansion,” says Tanvi Shah, Senior Director, CareEdge Advisory.

Shah said disciplined underwriting, risk-adjusted pricing and strong covenant protection will be critical to converting market growth into sustainable returns

“Private credit is poised to coexist with, rather than replace, traditional lending channels, strengthening the financing ecosystem through flexible, customised solutions for underserved borrowers,” said Kalpesh Mantri, Assistant Director, CareEdge Advisory.

Direct lending, venture debt and real estate debt are expected to be the fastest-growing strategies in private credit in near future, the report noted.

Indian equity benchmarks traded higher on Wednesday despite mixed global cues as Asian markets faced pressure from technology stocks amid concerns over AI spending.

In morning trade, Sensex were trading nearly 400 points or 0.5 per cent higher at 77,251, while Nifty was at 23,912.50, up 101.65 points or 0.43 per cent.

Earlier in the day, the Sensex opened at 76,853.11, down 64.74 points or 0.08 per cent, while Nifty began the session at 23,742.25, down 68.60 points or 0.29 per cent.

In early deals, sectoral indices traded mixed with broad-based weakness as Nifty Consumer Durables, Nifty Realty and Nifty IT declined up to 0.79 per cent. Meanwhile, metal, energy, private bank and PSU bank indices were also in the red zone.

On the gaining side, healthcare and pharmaceuticals indices showed resilience with Nifty 500 Healthcare, Nifty Healthcare Index and Nifty Pharma jumped up to 0.23 per cent.

Analysts said there is a distinct change in market mood driven by reversal in foreign institutional investor (FII) stance.

FIIs have been buyers in five out of last six trading days, buying stocks worth Rs 18,661 crore.

“Sustained selling by FIIs have been weighing on the market for last two years. This is changing now. Buying volume is increasing. Good corporate earnings and attractive valuations in large-caps is providing fundamental support to rally. Weakening of AI trade also facilitated return of FIIs,” experts said.

They added the rally is likely to be led by largecap shares with potential to attract big FII flows and can sustain on short covering, with leading financials having more room to move up.

For Nifty, the index continues to trade above its 50-day EMA near 23,196, with RSI at 66.59 indicating strong bullish momentum, though profit booking cannot be ruled out., according to the market experts.

PCR improved to 1.30. Immediate support is seen at 23,500-23,600, while resistance at 24,000-24,200 with 200-day EMA near 23,904 as intermediate hurdle.

On Tuesday, FIIs strengthened buying for third straight session with net purchases of Rs 6,836 crore, while domestic institutional investors (DIIs) extended selling streak to three sessions with net outflows of Rs 3,678 crore.

In addition, US markets closed higher led by Nasdaq as AI heavyweights rebounded ahead of US midterm results, while Apple fell after disappointing earnings.