A Rapido driver earning just ₹10,000 to ₹12,000 a month has found himself at the centre of a staggering ₹550 crore illegal betting and stock market racket in Ahmedabad, India Today reported.
The case surfaced after the Enforcement Directorate (ED) noticed something that simply did not add up. More than ₹300 crore had moved through the bank account of Pradeep Ode, a man with modest monthly earnings.
The scale and speed of the transactions immediately set off alarm bells, leading investigators to suspect that his account was being used as a conduit in a much larger financial crime network.
Officials say the money trail pointed towards illegal online cricket betting and stock market manipulation, allegedly routed through hawala channels and fake bank transactions. What appeared on the surface to be an ordinary savings account was, investigators believe, functioning as a key link in a well-organised syndicate.
During questioning, Ode admitted that he had rented out his bank account to a man identified as Kiran Parmar for ₹25,000.
“During interrogation, Pradeep admitted that he had rented his bank account to Kiran Parmar for ₹25,000,” officials said. He also disclosed that he was paid ₹400 for each cheque he signed.
Using Ode’s documents, a firm called Pradeep Enterprise was set up. Investigators later found two more paper companies — Kamlesh Trading and Raunak Traders — registered in 2024.
On record, these firms had no real business activity. But their bank accounts told a very different story.
Collectively, transactions worth ₹550 crore were recorded across these entities. The ED reported that ₹80.50 crore, ₹52.11 crore and ₹22.86 crore were transferred into three separate companies as part of the transactions under scrutiny.
Officials allege that these accounts were used to move proceeds from online cricket betting operations. The investigation also uncovered suspected circular trading in the stock market, a tactic often used to artificially inflate trading volumes and manipulate share prices.
Red flags were also raised over penny stock dealings and suspicious donations routed through Impact Guru, suggesting that multiple financial tools were allegedly exploited to launder money.
The probe has now widened beyond the driver. Investigators are examining the financial dealings of a Gandhidham-based businessman, including high-value wedding expenses and other major outflows.
Authorities also found that bank details used in company registrations were linked to Sheikh Moin Mohammad Shafi, pointing to the alleged use of multiple identities in running the operation.
The ED is continuing to track the money trail and identify other beneficiaries. Officials have indicated that further arrests and attachment of assets may follow as the investigation unfolds.
