Exclusive: ED flags stock manipulation in Mahadev betting app case to Sebi, say sources
The Enforcement Directorate (ED) has disclosed details to the Securities and Exchange Board of India (Sebi) under the Prevention of Money Laundering Act (PMLA), urging the market regulator to investigate alleged stock manipulation linked to the Mahadev betting app case, sources familiar with the development told India Today TV.The ED's disclosure comes in the wake of extensive raids on April 16, targeting several small and medium-sized enterprises (SMEs) listed on Indian stock exchanges.advertisementThese include Vikas Ecotech, Vikas Lifecare, Gensol, Balu Forge, IITL, and JT Industries -- companies suspected of being used to launder proceeds of crime and manipulate share prices.
The agency's Raipur Zonal Office conducted coordinated search operations across multiple cities, including Delhi, Mumbai, Indore, Ahmedabad, Chandigarh, Chennai, and Sambalpur (Odisha), seizing Rs 3.29 crore in cash and freezing securities, bonds, and Demat accounts valued at over Rs 573 crore. Incriminating documents and digital evidence were also recovered.Sources say the ED uncovered a pattern in which funds generated through illegal betting operations run by Mahadev Online Book -- a syndicate facilitating user enrolment on illegal betting platforms -- were funnelled into the Indian stock market.These illicit funds were routed via benami bank accounts and then introduced as investments from foreign portfolio investors (FPIs) based in jurisdictions such as Mauritius and Dubai, the probe agency claimed.advertisementThe investments were allegedly used to artificially inflate the stock prices of certain SME companies, misleading retail investors and boosting company valuations.The ED has also found evidence suggesting that promoters of companies like Vikas Ecotech, Vikas Lifecare, IITL, JTL Industries, and others colluded with the accused to channel tainted funds into their firms through preferential share issues, share warrant schemes, and promoter-share sales.Prominent among those under scrutiny is Vikas Garg, promoter of Vikas Ecotech and Vikas Lifecare, who has been summoned by ED officials in Raipur. Documents recovered indicate past attempts by his companies to acquire an NBFC, a deal that was reportedly blocked by the Reserve Bank of India due to regulatory concerns.So far, the ED has carried out over 170 raids in connection with the Mahadev Betting App investigation, leading to the seizure or attachment of assets worth Rs 3,002.47 crore.13 people have been arrested and 74 entities named as accused in five prosecution complaints filed in the case.Must Watch
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