The Enforcement Directorate (ED) has busted an illegal cricket betting and stock market manipulation racket worth Rs 550 crore in Ahmedabad, exposing a complex web of hawala transactions and shell companies. The investigation began after authorities detected over Rs 300 crore in suspicious transactions in the bank account of Pradeep Ode, a Rapido driver earning barely Rs 10,000–12,000 per month.
Officials said the unusually high-value and frequent deposits triggered red flags, prompting a deeper probe. During questioning, Ode allegedly admitted that he had rented out his bank account to Kiran Parmar for Rs 25,000 and was paid Rs 400 for every cheque he signed.
Using his identification documents, a firm named Pradeep Enterprise was created. Two additional entities — Kamlesh Trading and Raunak Traders — were also registered in 2024, though investigators found no genuine business operations linked to them. Despite this, their accounts recorded massive deposits collectively amounting to Rs 550 crore.
The ED reported that crores of rupees were routed through these firms as part of online cricket betting operations. Investigators uncovered evidence of circular trading in the stock market to artificially inflate trading volumes, along with irregular penny stock transactions. Suspicious donations made through Impact Guru were also flagged as part of the alleged money-laundering mechanism.
The probe further extended to the financial dealings of a Gandhidham-based businessman, including high-value wedding expenses and other large expenditures. Authorities also found that certain bank account details used in company registrations were linked to another individual, suggesting the use of multiple identities in executing the scheme.
The ED has stated that the investigation is ongoing to trace the complete money trail, identify additional beneficiaries, and determine the involvement of other operatives. Officials indicated that further arrests and attachment of assets may follow as the probe progresses.
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