ED Busts Rs 550 Cr Cricket Betting & Stock Market Manipulation Racket in Ahmedabad

The Enforcement Directorate (ED) has uncovered and dismantled a significant illegal operation in Ahmedabad involving cricket betting and stock market manipulation, with hawala transactions totaling approximately Rs 550 crore. The investigation revealed that a key money laundering channel involved the bank account of a driver working for the ride-hailing platform Rapido. This single account was allegedly used to launder a staggering Rs 300 crore, highlighting the sophisticated methods used to move illicit funds. The racket's operations combined illegal sports betting with manipulative activities in the stock market, funneling the proceeds through informal hawala networks to avoid detection. The ED's action represents a major crackdown on a complex financial crime syndicate operating at the intersection of illegal gambling and market fraud.