An illegal network linked to cricket betting and stock market manipulation has been uncovered in Ahmedabad, revealing a significant operation involving hawala channels and fake bank transactions totaling Rs 550 crore. The Enforcement Directorate (ED) initiated this investigation after discovering suspicious financial activities related to the bank account of a Rapido driver, Pradeep Ode, who earns between Rs 10,000 to Rs 12,000 monthly.

The detection of over Rs 300 crore in transactions raised immediate concerns, leading to further scrutiny into what officials characterize as a sophisticated financial crime syndicate.

Illegal Transactions Uncovered

The investigation began when authorities identified high-value transactions linked to Ode’s account. The scale and frequency of these deposits were alarming. Officials concluded that Ode’s account was allegedly utilized for transferring funds tied to illegal cricket betting and stock market activities. Following these findings, the Assistant Director of the ED filed a formal complaint with the Ahmedabad Crime Branch for further investigation.

Driver Admits to Renting Account

Authorities noted that these companies, registered in 2024, exhibited substantial financial activity, accumulating massive deposits totalling Rs 550 crore. Specifically, Rs 80.50 crore, Rs 52.11 crore, and Rs 22.86 crore were transferred into three separate companies under investigation. Reports indicate that these accounts were primarily used to facilitate funds generated from online cricket betting operations.

Market Manipulation Tactics Identified

Further analysis identified practices such as circular trading in the stock market, which artificially inflated trading volumes and manipulated prices. Investigators also noted irregularities with penny stock transactions and dubious donations made through Impact Guru, suggesting that various financial tools were exploited for money laundering. Scrutiny also extended to the personal finances of a Gandhidham-based businessman, revealing substantial wedding expenses and other significant outflows.

Investigation Continues

Authorities discovered that bank account details for the registered companies were associated with Sheikh Moin Mohammad Shafi, indicating the possible use of multiple identities within this operation.

The ED is actively continuing its investigation to track the complete money trail, identify additional beneficiaries, and ascertain the involvement of other suspected individuals. Officials have stated that further arrests and asset seizures may be anticipated as the probe advances.

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