Companies are seeking legal advice before regulators come knocking. And India's top law firms are building up white-collar crime and investigations practices to meet that need.
As the Enforcement Directorate (ED), Income Tax Department and other agencies step up enforcement, companies are increasingly commissioning internal investigations, compliance reviews and forensic audits before receiving a summons or becoming the subject of a formal probe, according to industry experts.
That shift is prompting law firms to expand specialist practices focused on financial crime, anti-money laundering, cybercrime, sanctions and internal investigations.
Top firms including Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co., Khaitan & Co., JSA Advocates & Solicitors, DSK Legal and Dentons Link Legal said they have expanded their teams and continue to hire lawyers with expertise in these areas.
“We currently have six partners and around 40 lawyers in our white-collar and investigations practice. The practice has expanded by nearly 30% over the past three years, reflecting rising demand driven by increased cross-border activity, more active enforcement and regulatory investigations, and a growing range of compliance mandates,” said Ankoosh K. Mehta, partner and co-head (White Collar & Investigation) at Cyril Amarchand Mangaldas.
Before the summons
The shift comes as enforcement activity accelerates across agencies.
The ED's FY26 annual report shows anti-money laundering enforcement gathered pace, with searches nearly doubling to 2,892, Enforcement Case Information Report (ECIR) rising 39% to 1,080, and a record ₹81,423 crore worth of assets attached, up 171% from FY25. The agency also filed a record 812 prosecution complaints and restored ₹32,678 crore to banks and victims.
Meanwhile, the Income Tax Department conducted search and seizure operations against 1,437 groups in FY25, detecting over ₹30,444 crore of undisclosed income, according to the Department of Revenue's FY26 annual report. The Securities and Exchange Board of India (Sebi) initiated 159 investigations and completed 141 during FY25, as per the regulator's FY25 annual report.
Lawyers say the sharper enforcement environment has changed client behaviour. Companies are investing more in compliance reviews, governance frameworks and internal investigations to mitigate legal, financial and reputational risks.
“We are seeing a greater number of internal investigations, whistleblower complaints, fraud reviews, employee misconduct matters, cyber-enabled fraud investigations, anti-bribery reviews and regulatory inquiries,” said Vikrant Singh Negi, Partner at DSK Legal, who advises on crisis management, dispute resolution and white-collar crime matters.
The firm's white-collar practice now comprises 18 lawyers.
Cyril Amarchand Mangaldas said it is increasingly handling ED mandates, from advising clients during raids to representing them in proceedings under the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (Fema), while helping businesses resume operations after bank accounts or assets are frozen.
Shardul Amarchand Mangaldas has also nearly doubled its white-collar practice of more than 40 lawyers, technical professionals and forensic experts over the past two years.
“We intend to continue hiring selectively over the next 12 months, driven by the steady increase in the volume and complexity of investigation-related mandates spanning regulatory enquiries, internal investigations and cross-border matters,” said a company spokesperson.
Queries sent to the ED, SFIO, CBI, Income Tax Department and Sebi remained unanswered until press time.
One probe, many fronts
The work is also becoming more complicated.
A single corporate investigation now often triggers parallel proceedings before multiple agencies. Lawyers say the same allegations frequently draw scrutiny from the ED, Serious Fraud Investigation Office (SFIO), Central Bureau of Investigation (CBI), Income Tax Department, Sebi and state Economic Offences Wings.
That is prompting firms to build teams that combine investigations, forensic reviews, cybercrime and cross-border disputes.
International developments are adding to the workload. The UK's Economic Crime and Corporate Transparency Act (ECCTA), the US Foreign Corrupt Practices Act (FCPA) and evolving global sanctions regimes are prompting Indian companies with overseas operations to strengthen compliance frameworks and seek legal advice earlier.
“We are seeing more matters that span multiple jurisdictions and involve parallel regulatory and criminal proceedings. Investigations now require a multidisciplinary approach, particularly as issues around data protection, digital evidence, AI-enabled investigations and cyber incidents become more prominent,” said Rupinder Malik, partner at JSA Advocates & Solicitors. Malik advises on mergers and acquisitions, private equity, cross-border investments, regulatory compliance and white-collar crime investigations
Rajiv Bhatnagar, partner at Khaitan & Co. and specializing in white-collar crime litigation and advisory, said investigations have become increasingly cross-border, with clients commissioning internal reviews and forensic audits even before regulators intervene. To meet rising demand, the firm has expanded dedicated white-collar teams across Mumbai, Delhi, Bengaluru, Chennai, Kolkata and Singapore.
Shardul Amarchand has strengthened its specialist capabilities by establishing an in-house forensic laboratory and a dedicated forensic and e-discovery practice, enabling it to provide integrated investigations support.
A boardroom risk
The expansion of these practices reflects a broader change in how companies view investigations.
According to Dentons Link Legal, they are no longer isolated legal disputes but enterprise-wide risks that can affect governance, reputation and enterprise value.
“The shift we are seeing is that investigations are no longer viewed as isolated legal events. They have become board-level business risks with implications for governance, reputation and enterprise value. Companies are investing earlier in compliance, internal controls and independent investigations, rather than waiting for regulatory action,” said Abhinav Sharma, partner in the disputes and white-collar crime practice at Dentons Link Legal.
Dentons Link Legal's white-collar team has over 15 lawyers, including four partners.