Rapido driver’s account used in ₹550 crore betting-hawala scam; rented for ₹25,000, says ED

The Enforcement Directorate has busted an alleged ₹550 crore illegal cricket betting and stock market manipulation racket in Ahmedabad, uncovering a money trail routed through the bank account of a Rapido driver earning barely ₹10,000 to ₹12,000 a month. The probe began after authorities detected transactions exceeding ₹300 crore in the account, triggering a deeper investigation into suspected hawala and bogus banking operations.

During questioning, the driver, identified as Pradeep Ode, admitted that he had rented out his bank account to an individual named Kiran Parmar for ₹25,000. Officials said he was paid ₹400 for signing each cheque. Using his PAN and Aadhaar details, a firm named Pradeep Enterprise was created, while two additional companies — Kamlesh Trading and Ronak Traders — were set up on paper in 2024.

Investigators found that although the three companies had no genuine business activity, their bank accounts recorded transactions totalling ₹550 crore. Specific transfers of ₹80.50 crore, ₹52.11 crore and ₹22.86 crore were flagged as part of the suspicious financial flows. Authorities said the accounts were allegedly used to route proceeds from online cricket betting and to facilitate hawala transactions.

The probe also revealed circular trading in the stock market, a method used to artificially inflate trading volumes and manipulate share prices. In one instance, a company’s share price allegedly surged by 10,000 percent within a year. Trading in the stock was later suspended, and surveillance investigations were initiated.

Officials further examined financial links to other individuals, including scrutiny of high-value personal expenditures and transactions routed through multiple identities. The investigation is ongoing to trace the complete money trail, identify additional beneficiaries and determine the roles of other suspected operatives, with more action likely in the coming days.