Daijiworld Media Network - Ahmedabad

Ahmedabad, Mar 4: In a major breakthrough against financial crime, the Enforcement Directorate (ED) has busted an illegal cricket betting and stock market manipulation racket involving hawala transactions amounting to nearly Rs 550 crore in Ahmedabad.

The case came to light after investigators detected suspicious transactions exceeding Rs 300 crore in the bank account of a Rapido driver earning just Rs 10,000 to Rs 12,000 per month. The unusually high volume and frequency of deposits triggered alerts, leading to a detailed probe.

Officials said the account holder, identified as Pradeep Ode, was allegedly used as a conduit to route funds linked to illegal betting operations and dubious stock market activities through layered bank transfers and hawala channels.

Based on the findings, the Assistant Director of the ED filed a formal complaint with the Ahmedabad Crime Branch for further legal action.

During interrogation, Ode reportedly confessed that he had rented out his bank account to a person identified as Kiran Parmar for Rs 25,000. He also admitted to receiving Rs 400 per cheque signed as part of the arrangement.

Officials stated that the investigation is ongoing and more arrests, along with attachment of properties under relevant provisions of law, are likely as the money trail is being traced.