An illegal cricket betting and stock market racket involving hawala channels and fake bank transactions worth Rs 550 crore has been busted in Ahmedabad after probe agencies flagged suspicious activity in the bank account of a Rapido driver earning barely Rs 10,000 to Rs 12,000 a month.
The Enforcement Directorate (ED) uncovered the network after more than Rs 300 crore in transactions were detected in the driver’s account, triggering a deeper probe into what officials described as a well-organised financial crime syndicate.
The investigation began when authorities noticed unusually high-value transactions in the account of Pradeep Ode, a ride-hailing driver with modest earnings.
The scale and frequency of deposits immediately raised red flags. ED officials found that Ode’s bank account was allegedly being used to route funds linked to illegal cricket betting and stock market manipulation.
Following preliminary findings, the Assistant Director of the ED lodged a formal complaint with the Ahmedabad Crime Branch.
During questioning, Ode admitted that he had rented out his bank account to an individual identified as Kiran Parmar in exchange for Rs 25,000.
“During interrogation, Pradeep admitted that he had rented his bank account to Kiran Parmar for Rs 25,000,” officials said. He also disclosed that he was paid Rs 400 for each cheque he signed.
Using Ode’s identification documents, a firm named Pradeep Enterprise was created.
Investigators found that two additional companies — Kamlesh Trading and Raunak Traders — were also set up on paper.
Authorities said these entities were registered in 2024 and appeared to have no genuine business operations.
However, their bank accounts recorded massive deposits, collectively amounting to Rs 550 crore.
The ED reported that Rs 80.50 crore, Rs 52.11 crore and Rs 22.86 crore were transferred into three separate companies as part of the transactions under scrutiny.
Officials said the accounts were used to move funds generated from online cricket betting operations.
Further analysis revealed circular trading in the stock market, a tactic used to artificially inflate trading volumes and manipulate prices.
Investigators also identified irregularities involving penny stock transactions and suspicious donations made through Impact Guru, suggesting that multiple financial instruments were exploited to launder proceeds.
In addition, scrutiny extended to the personal expenses of a Gandhidham-based businessman, including high-value wedding expenditures and other large outflows.
Authorities further found that bank account details used in company registrations were linked to Sheikh Moin Mohammad Shafi, indicating the alleged use of multiple identities in executing the scheme.
The ED is continuing its probe to trace the full extent of the money trail, identify additional beneficiaries and determine the role of other suspected operatives.
Officials indicated that further arrests and attachments of assets may follow as the investigation progresses.
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