ED Busts Rs.550 Crore Cricket Betting–Stock Market Racket in Ahmedabad

Ahmedabad | Gujarat — In a massive crackdown on financial crime, the Enforcement Directorate (ED) has exposed a staggering ₹550 crore cricket betting and stock market manipulation racket operating through Ahmedabad, revealing a web of hawala transactions and bogus companies that existed only on paper.

The explosive findings emerged after the Assistant Director of the ED filed a formal complaint with the Ahmedabad Crime Branch, detailing how crores were siphoned through rented bank accounts, including one belonging to a Rapido driver earning barely ₹10,000–12,000 a month.

Investigators found that over ₹300 crore in transactions were routed through the bank account of Pradeep Ode, a gig worker who allegedly rented out his account for ₹25,000 to Kiran Parmar alias Lala. “I was given ₹400 each time I signed a cheque,” Pradeep reportedly confessed during questioning, admitting he had little knowledge of the scale of operations.

The ED probe revealed that a firm named Pradeep Enterprise was created using his PAN and Aadhaar credentials. Two more paper companies — Kamlesh Trading and Ronak Traders — were floated similarly. Though none of these entities conducted any real business, a total of ₹550 crore was funneled through their accounts in 2024 alone.

“The companies did not trade even a single rupee legitimately. Yet, hundreds of crores were transacted to divert income from online cricket betting and manipulate stock volumes,” an official said.

Investigators also uncovered links to stock market price rigging through circular trading, artificially inflating turnover to spike share prices. In one shocking case, the value of a company’s shares allegedly surged by 10,000 percent within 12 months.

The suspicious activity has drawn scrutiny from the Securities and Exchange Board of India (SEBI), which has suspended trading in certain stocks and launched a parallel surveillance investigation.

The probe further indicated that funds were used for personal expenditures, including high-profile wedding expenses of Gandhidham-based businessman Aditya Jhula. Transactions worth ₹80.50 crore, ₹52.11 crore, and ₹22.86 crore were traced to three separate entities, alongside donations routed through crowdfunding platforms and penny stock manipulation.

“The turnover was deliberately inflated to create a syndicate effect in the stock market. Once volumes shot up, share prices followed,” an ED source explained.

Bank account details used during company registrations were found to belong to Sheikh Moin Mohammad Shafi, raising further red flags about identity misuse.

The ED has recommended criminal proceedings against key accused including Kiran Parmar alias Lala, Mahadev, Jugal, Ravi, and Jivraj. Officials believe the racket may have wider interstate and international links.