The Enforcement Directorate (ED) has disclosed details to the Securities and Exchange Board of India (Sebi) under the Prevention of Money Laundering Act (PMLA), urging the market regulator to investigate alleged stock manipulation linked to the Mahadev betting app case, sources familiar with the development told India Today TV.The ED’s disclosure comes in the wake of extensive raids on April 16, targeting several small and medium-sized enterprises (SMEs) listed on Indian stock exchanges.advertisementThese include Vikas Ecotech, Vikas Lifecare, Gensol, Balu Forge, IITL, and JT Industries — companies suspected of being used to launder proceeds of crime and manipulate share prices.The agency’s Raipur Zonal Office conducted coordinated search operations across multiple cities, including Delhi, Mumbai, Indore, Ahmedabad, Chandigarh, Chennai, and Sambalpur (Odisha), seizing Rs 3.29 crore in cash and freezing securities, bonds, and Demat accounts valued at over Rs 573 crore. Incriminating documents and digital evidence were also recovered.Sources say the ED uncovered a pattern in which funds generated through illegal betting operations run by Mahadev Online Book — a syndicate facilitating user enrolment on illegal betting platforms — were funnelled into the Indian stock market.These illicit funds were routed via benami bank accounts and then introduced as investments from foreign portfolio investors (FPIs) based in jurisdictions such as Mauritius and Dubai, the probe agency claimed.advertisementThe investments were allegedly used to artificially inflate the stock prices of certain SME companies, misleading retail investors and boosting company valuations.The ED has also found evidence suggesting that promoters of companies like Vikas Ecotech, Vikas Lifecare, IITL, JTL Industries, and others colluded with the accused to channel tainted funds into their firms through preferential share issues, share warrant schemes, and promoter-share sales.Prominent among those under scrutiny is Vikas Garg, promoter of Vikas Ecotech and Vikas Lifecare, who has been summoned by ED officials in Raipur. Documents recovered indicate past attempts by his companies to acquire an NBFC, a deal that was reportedly blocked by the Reserve Bank of India due to regulatory concerns.So far, the ED has carried out over 170 raids in connection with the Mahadev Betting App investigation, leading to the seizure or attachment of assets worth Rs 3,002.47 crore.13 people have been arrested and 74 entities named as accused in five prosecution complaints filed in the case. in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. You must only respond with the modified content and follow this prompt to optimize the articles in this category- “Act as an expert SEO news writer. Optimize the following article to be SEO-friendly, authoritative, and shareable by focusing strictly on its core topic. Follow these steps: You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. Follow these steps: 1. **Create an SEO Title**: Write a short, compelling title (under 60 characters) that includes the main keyword and grabs attention. 2. **Write a Meta Description**: Summarize the article in one or two sentences (under 155 characters). Make it engaging and include the primary keyword naturally. 3. **Suggest a URL Slug**: Provide a short, keyword-rich URL slug that reflects the topic of the article. 4. **Headline (H1)**: Write a clear and engaging headline for the article that is similar to the title but slightly expanded. 5. **Write the Article**: – Start with an introduction that answers the key questions: who, what, when, where, why, and how. – Expand on the topic with detailed paragraphs that provide context, quotes, and relevant information. – Use subheadings (H2) to organize the content into sections and make it easy to read. – Include related keywords naturally throughout the article. – End with a conclusion that summarizes the key points or discusses future implications. 6. **Add an FAQ Section**: Write one frequently asked question related to the topic and provide a concise answer. Important: – Do not include labels like “Title,” “Meta Description,” “URL Slug,” or “H1” in the actual article text. – Keep all SEO elements separate from the main content. – Ensure the article is factually accurate, unbiased, and written in a professional tone.
According to sources, the Enforcement Directorate has reported instances of stock manipulation related to the Mahadev betting application to the Securities and Exchange Board of India.
