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NEW DELHI: Enforcement Directorate has unearthed large-scale manipulation of equities in the Indian stock market using ‘proceeds of crime’ from a betting syndicate run by Dubai-based promoters of Mahadev Online Book, an illegal betting platform in which former Chhattisgarh chief minister Bhupesh Baghel and several top bureaucrats from state are under investigation.
Probe revealed that the accused held securities worth over Rs 1,186 crore, which includes stocks worth Rs 580 crore already attached by the agency in India, while stocks worth Rs 606 crore were found invested by FPIs (foreign portfolio investments).
Kolkata-based businessman Hari Shankar Tibrewal, now based in Dubai, has been found involved in manipulation of stock markets in India in league with several listed firms, ED said. He is partner of Mahadev Online Book promoters Sourabh Chandrakar and Ravi Uppal, the two detained by Dubai police on a pending deportation request from India.
“As on Feb 29, Indian companies under control of associates of Hari Shankar Tibrewal held securities worth Rs 580 crore. Foreign entities that also invested in Indian stocks via FPI route were found to be holding securities worth Rs 606 crore,” the agency claimed.
In what could lead to a larger crackdown against listed firms found involved with the illegal betting syndicate and manipulation of stocks, ED shared details of its probe with authorities revealing how Tibrewal used his “immense capital to create temporary fluctuations in share prices”.
According to ED, Tiberewal injected ‘proceeds of crime’ in certain stocks through FPI route leading to their sudden rise. These stocks were sold when they gained a certain desired level, the agency said. The total attachment in Mahadev App money laundering case has so far crossed over Rs 1,700 crore.
On March 2, the agency arrested two of Tibrewal’s associates in Raipur, Girish Talreja and Suraj Chokhani, for their role in Mahadev Online Book case. The two were remanded to ED custody till March 11.
Probe revealed that the accused held securities worth over Rs 1,186 crore, which includes stocks worth Rs 580 crore already attached by the agency in India, while stocks worth Rs 606 crore were found invested by FPIs (foreign portfolio investments).
Kolkata-based businessman Hari Shankar Tibrewal, now based in Dubai, has been found involved in manipulation of stock markets in India in league with several listed firms, ED said. He is partner of Mahadev Online Book promoters Sourabh Chandrakar and Ravi Uppal, the two detained by Dubai police on a pending deportation request from India.
“As on Feb 29, Indian companies under control of associates of Hari Shankar Tibrewal held securities worth Rs 580 crore. Foreign entities that also invested in Indian stocks via FPI route were found to be holding securities worth Rs 606 crore,” the agency claimed.
In what could lead to a larger crackdown against listed firms found involved with the illegal betting syndicate and manipulation of stocks, ED shared details of its probe with authorities revealing how Tibrewal used his “immense capital to create temporary fluctuations in share prices”.
According to ED, Tiberewal injected ‘proceeds of crime’ in certain stocks through FPI route leading to their sudden rise. These stocks were sold when they gained a certain desired level, the agency said. The total attachment in Mahadev App money laundering case has so far crossed over Rs 1,700 crore.
On March 2, the agency arrested two of Tibrewal’s associates in Raipur, Girish Talreja and Suraj Chokhani, for their role in Mahadev Online Book case. The two were remanded to ED custody till March 11.
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