People have not written to Jaggis to join the survey, and people have told ET anonymously. Ed recently frozen over 500,000 Gensol shares on this issue because it doubts about the stock’s artificial price fluctuations.
This is through the Dubai-based entity Zenith Multi Trading DMCC, Ed is suspicious. The company is linked to the Mahadev gambling case, accusing Hari Shankar Tibrewal.
“The investigation showed that using the FPI (foreign portfolio investor) route to perform stock manipulation in the Mahadev App case. The investigation will determine if the promoters know this fact.”
Ed said on Monday that in the case of Mahadev illegal online gambling applications, it has attached fresh securities and accounts of more than Rs 57.3 crore. “This includes shares of Gensol Engineering,” another said.
People say that institutions were frozen by institutions in the past.
According to equity data filed with the Mumbai Stock Exchange, ED’s Raipur Zonal’s office holds 520,063 shares, or 1.37% of GEL’s equity, for the quarter ended December 2024. For the quarter ended December 2024. The shares fall under the “government-held” category, which is held by Dubai-based Zenith Morti.
The Raipur department is investigating violations related to the Mahadev case.
On April 16, Ed, who was detecting money laundering cases, searched more than 50 places in New Delhi, Mumbai, Ahmedabad, Indor, Jaipur and Sambapur. People said that included the New Delhi residence of Easemytrip founder Nishant Pitti.
In a statement on Monday, the agency said, “ED investigation revealed that funds/POC (proceeds of crime) so generated by these betting platforms were being transferred out of India and, later, deployed in the Indian stock market in the name of ‘FPIs’ (which are based out of Mauritius, Dubai, etc). The funds were deployed/introduced in certain companies for causing ‘artificial price fluctuations’ of certain ‘SME (small and medium) securities are designed to deceive common investors.
The focus of the ED investigation is to reveal the so-called fraudulent operation of stock price manipulation.
“The seizures during the search process also revealed the role of ‘the promoters of such listed entities’, which deployed these contaminated funds in their companies as shares of preferred shares, sales/selling shares controlled by the promoter and share issuance. Some of these companies have also been found to be used for investment in stocks, “these shares are all stratified.” ”
So far, Ed has searched in more than 170 places in the Mahadev App Case. Due to the investigation, real estate and movable assets have been seized, frozen or attached at a value of approximately Rs 3,002.47 crore.
The agency also arrested 13 people, while 74 entities were charged in five complaints filed. The main defendants, Saurabh Chandrakar and Ravi Uppal, fled the country after alleged scam surfaced. Both Uppal and Chandrakar renounced their Indian passports and obtained citizenship as a Vanuatu Oceania country.
According to Ed, its investigation shows that the Mahadev app is an umbrella set that arranges online platforms to enable illegal betting sites to register new users and launder money. The agency estimates that the scam involves more than Rs 55 billion.
Ed also said the promoters of the app have invested so-called criminal proceeds in cryptocurrencies, diamond trade, stocks and offshore real estate.
The third supplementary fee charge filed by the agency in May 2024 identified Tibrewal as a scam Dubai link, who allegedly invested in the stock market through FPIS. It also named Suraj Chokhani as the principal partner of Tibrewal, who suspected the crime gains allegedly committed by investing in shares and became a link between India and the scam.
According to the agency, the two used the services of professional inbound operators to convert cash received by the promoters through the Hawala channel into bank entries.
At least three agencies – Ed, the Central Bureau of Investigation (CBI) and GST Director – explored the so-called irregular behavior in the Mahadev App.
