Ahmedabad: Authorities have dismantled a sophisticated syndicate in Ahmedabad engaged in unlawful cricket wagering and stock market fraud, channeling over Rs 550 crore through hawala networks and fabricated banking activities, following alerts from a ride-hailing driver’s unusually active account despite his meager income of Rs 10,000 to Rs 12,000 monthly.
The Enforcement Directorate (ED) launched its inquiry after spotting more than Rs 300 crore in dealings within the account of Pradeep Ode, a Rapido driver, which prompted a thorough examination of what investigators called a structured illicit finance operation.
The probe originated from the detection of large-scale inflows in Ode’s account, which officials determined was being exploited to funnel money tied to prohibited cricket gambling and securities market rigging.
After initial evidence surfaced, an ED Assistant Director filed a report with the Ahmedabad Crime Branch.
In custody, Ode confessed to leasing his banking details to Kiran Parmar for a one-time payment of Rs 25,000, plus Rs 400 for every document he endorsed.
Leveraging Ode’s personal papers, a shell outfit called Pradeep Enterprise was established.
Probers also uncovered two more phantom firms Kamlesh Trading and Raunak Traders incorporated in 2024 with no legitimate commercial footprint.
These entities’ accounts amassed a staggering Rs 550 crore in inflows, the ED stated, including Rs 80.50 crore, Rs 52.11 crore, and Rs 22.86 crore across three key channels.
The agency linked these sums to revenues from digital cricket betting schemes.
Deeper checks exposed patterns of circular trading designed to boost fictitious volumes and skew stock values, alongside anomalies in low-value share dealings and dubious contributions via the platform Impact Guru, pointing to diverse laundering methods.
The review also zeroed in on extravagant outlays by a businessman from Gandhidham, such as lavish wedding costs and other substantial disbursements.
Furthermore, banking credentials tied to the firms traced back to Sheikh Moin Mohammad Shafi, suggesting a web of assumed personas in the operation.
The ED persists in its efforts to map the complete fund flow, pinpoint more recipients, and assess involvement of other figures, with potential detentions and property seizures on the horizon.
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