A modestly earning Rapido bike taxi rider from Gujarat has found himself at the heart of a sprawling Rs. 450 crore alleged money laundering operation, after the Enforcement Directorate (ED) claimed his bank accounts were exploited to move funds generated from illegal online betting and to influence stock market trades.
The 28-year-old, who reportedly earns between Rs. 10,000 and Rs.12,000 a month, is accused of being part of a larger financial network connected to the illegal “1xBet” betting platform. However, investigators suggest he may have functioned as an “account mule,” with his identity documents allegedly misused to open and operate multiple bank accounts and business entities.
ED Moves DCB For FIR
The ED has approached the Ahmedabad Detection of Crime Branch (DCB), seeking the registration of a First Information Report (FIR) under relevant sections of the Bharatiya Nyaya Sanhita (BNS), the IT Act, and other applicable laws. The complaint was filed by Hitesh Kumari, Assistant Director of the ED’s Ahmedabad unit, following findings gathered under the Prevention of Money Laundering Act (PMLA).
In a letter dated November 27, 2025, the agency formally notified the Ahmedabad Police Commissioner about what it described as a sophisticated laundering network with interstate ramifications.
Identity Allegedly Used Without Control
According to the ED’s investigation, the rider, identified as Pradip Ojha, had a proprietary firm named M/s Pradip Enterprises registered in his name. His PAN and Aadhaar details were allegedly used to open multiple bank accounts and operate financial transactions.
Ojha’s statement was recorded under Section 17 of the PMLA. He reportedly told investigators that he was paid Rs. 25,000 for every account opened in his name and Rs. 400 for signing cheque leaves. He claimed he had no knowledge of the transactions conducted through these accounts and did not control the operations.
The agency suspects that at least three firms — Pradip Enterprises, Karmesh Trading (registered in the name of Karmesh Kumar Kalal), and Ronak Traders (in the name of Ronak Ramesh Ojha) — were instrumental in routing funds tied to the alleged betting racket. These entities allegedly used manipulated Aadhaar registrations and questionable addresses to create an appearance of legitimacy.
How The ‘Mule Network’ Operated
Investigators believe the betting syndicate recruited financially vulnerable individuals to serve as “account mules.” These recruits allegedly handed over their identity documents, SIM cards, and cheque books in exchange for cash.
Shell firms were then set up in their names, often claiming wholesale trading or consultancy as business activities. Fake addresses and fabricated employee details were submitted to complete documentation. Once operational, large volumes of transactions were routed through these accounts in rapid debit-credit cycles designed to blur the money trail.
Authorities say the system relied on layering — moving funds across multiple accounts and entities — along with circular trading and dummy vendors to disguise the origin and destination of money. In many cases, the named proprietors were allegedly unaware of who was actually controlling the operations.
Accounts were typically frozen once complaints or red flags emerged, by which time significant sums had already been circulated.
Stock Market Links Under Scanner
A substantial portion of the funds allegedly flowed into listed companies, including Murae Organics Ltd (formerly Earum Pharmaceuticals), Pradhin Ltd (earlier Bharat Global Developers), and NIRAFON Developers Ltd.
Market observers had earlier flagged unusual trading volumes and sharp price swings in these stocks. Authorities are now examining whether the illicit funds were used to artificially inflate share prices and turnover, followed by strategic dumping at peak valuations.
Multiple FIRs linked to related financial transactions have already been registered in Navi Mumbai, Ahmedabad, Gandhinagar, and Bengaluru. Agencies including SEBI are understood to be reviewing suspicious trading patterns and possible price rigging.
Broader Financial Impact
The probe has widened beyond individual account holders, with investigators now tracking the ultimate beneficiaries of the funds. There are also allegations that parts of the proceeds may have been diverted to fund the lavish lifestyles of certain accused individuals.
Officials say the case highlights the growing nexus between illegal online betting platforms and potential stock market manipulation. If proven, the scale of the Rs. 450 crore operation could have serious implications for investor confidence and regulatory oversight.
The ED’s investigation is ongoing, with authorities working to map the complete financial trail and identify the masterminds behind what is being described as one of Gujarat’s more intricate money laundering networks.
Also Read: Bhajji, Yuvraj Under Scanner As ED Tightens Noose Around Illegal Betting Apps https://www.vibesofindia.com/bhajji-yuvraj-under-scanner-as-ed-tightens-noose-around-illegal-betting-apps/
