A massive financial crime involving illegal betting and suspected stock market manipulation has come to light after investigators discovered transactions worth more than ₹300 crore in the bank account of a Rapido driver earning barely ₹10,000–₹12,000 a month. The probe by the Enforcement Directorate (ED) has exposed a broader ₹550-crore hawala and money-laundering network operating through multiple shell entities.
Suspicious Transactions Trigger Probe
The investigation began when authorities noticed unusually large and frequent deposits in the bank account of Pradeep Ode, a Rapido bike taxi driver based in Ahmedabad. Despite his modest income, more than ₹300 crore worth of transactions were routed through his account, raising immediate suspicion among financial investigators.
After examining the transaction patterns, the ED launched a deeper probe, suspecting the account was being used as a conduit to move funds linked to illegal online cricket betting and stock market manipulation schemes.
Account Rented Out for ₹25,000
During questioning, Ode reportedly admitted that he had rented out his bank account to an individual identified as Kiran Parmar in exchange for ₹25,000, while also receiving small payments for signing documents and cheque leaves.
Investigators believe Parmar, also known by the alias “Lala,” acted as the key operator controlling the financial network. Several others were allegedly involved in arranging SIM cards, managing bank accounts and coordinating the transactions.
Shell Firms Used to Route ₹550 Crore
The ED found that the syndicate created multiple shell companies to move funds and obscure the money trail. Among the entities identified in the probe were:
Pradeep Enterprises
Kamlesh Trading
Ronak Traders
These firms reportedly existed only on paper and had no legitimate business operations. Their accounts collectively recorded transactions worth around ₹550 crore within a year, according to investigators.
Key Transactions Under Scrutiny
Authorities have flagged several high-value transfers made through the suspected network. According to ED findings, the accounts recorded major inflows including:
₹80.50 crore
₹52.11 crore
₹22.86 crore
These amounts were transferred to different companies believed to be linked to the illegal financial operation.
Links to Betting and Stock Manipulation
Investigators suspect the funds were generated through illegal digital betting platforms and market manipulation schemes, including circular trading in penny stocks to artificially inflate prices. Some suspicious donations routed through crowdfunding platforms and lavish personal expenditures are also under scrutiny.
Police Case and Ongoing Investigation
Following the ED complaint, the Ahmedabad Crime Branch registered a case under provisions related to forgery, cheating, identity theft and criminal conspiracy. Authorities have also frozen several bank accounts and are tracing the wider money trail to identify other beneficiaries and masterminds behind the operation.
Officials say the case highlights the growing use of “bank account mules” individuals who allow their accounts or identity documents to be used by criminal networks in exchange for small payments.
Warning from Authorities
Investigators have urged citizens not to share their bank details, PAN, Aadhaar, or OTPs with unknown individuals, warning that such information can be misused for large-scale financial crimes.
The ED continues to map the full money trail and has indicated that further arrests and property attachments may follow as the investigation progresses.
