Ahmedabad: A 28-year-old Rapido bike rider earning barely Rs 10,000–12,000 a month has emerged as a key link in a Rs 550-crore money laundering case, with the Enforcement Directorate (ED) alleging that his bank accounts were used to route illegal online betting proceeds and manipulate stock prices.

The ED on Tuesday filed a complaint with the Detection of Crime Branch (DCB), seeking registration of an FIR in connection with the alleged laundering network.

The complaint, filed by Hridesh Kumar, Assistant Director of ED Ahmedabad, is based on findings under the Prevention of Money Laundering Act (PMLA) during searches related to the 1xBet illegal betting racket. In a letter dated November 27, 2025, the ED informed the Ahmedabad Police Commissioner and sought action under the Bharatiya Nyaya Sanhita (BNS), the IT Act, and other laws.

At the centre of the probe is Pradip Od, a Rapido rider whose bank accounts and proprietorship firm M/s Pradip Enterprises were allegedly opened and operated by others using his PAN and Aadhaar details.

In his statement under the PMLA, Od said he was paid Rs 25,000 per account and Rs 400 for signing cheque leaves, claiming he had no control over the transactions.

The ED alleged that three firms Pradip Enterprises, Kamlesh Trading and Ronak Traders were created in 2024 using forged KYC documents and dubious addresses. Investigators estimate the accounts recorded around Rs 550 crore in credits and debits within a year. Police are currently probing the role of six main accused and their associates in the case.

The ED investigation also found transactions amounting to nearly ₹2,000 crore routed through offices located in areas such as Navrangpura, Mithakhali, Nana Chiloda, Rakhial and Ellisbridge in Ahmedabad. These funds were allegedly channelled into listed companies and other entities to manipulate stock prices. The Crime Branch is learnt to have taken assistance from chartered accountants to analyse the financial trail.

The alleged kingpin, Kiran Parmar alias Lala, is accused of running the network, while Mahadev, Jugal, Ravi and Jeevraj allegedly assisted in arranging SIM cards, managing cheque books and operating bank accounts.

Suspected manipulation in listed companies

The ED probe has also flagged suspicious trading activity in three listed companies.

The first is Murray Organiser Ltd, where transactions worth about ₹80.55 crore were flagged. The company’s stock, which once traded at ₹10.90, is now trading below ₹1.

The second is Pradhan Ltd, where suspicious transactions of ₹52.11 crore were detected along with an unusual spike in turnover.

The third is MMREG Developers Ltd (now Bharat Global Developers), where transactions worth ₹22.86 crore were traced. The company’s stock had surged nearly 10,000% within 12 months, prompting the Securities and Exchange Board of India (SEBI) to suspend trading in December 2024.

The Ahmedabad Crime Branch has now initiated a detailed financial investigation with the help of specialised chartered accountants to trace the origin and flow of the ₹2,000 crore transactions. DeshGujarat