Rapido Driver's Bank Accounts at Heart of Rs 550 Crore Money Laundering Scandal in Ahmedabad
A 28-year-old Rapido bike driver from Ahmedabad, who earns a meager monthly income of Rs 10,000 to Rs 12,000, has become a pivotal figure in a massive Rs 550 crore money laundering investigation. The Enforcement Directorate (ED) has alleged that his bank accounts were exploited to channel illegal online betting proceeds and artificially manipulate stock prices, uncovering a complex web of financial fraud.
ED Files Criminal Complaint and Seeks FIR Registration
On Tuesday, the ED submitted a criminal complaint to the Detection of Crime Branch (DCB) in Ahmedabad, urging the registration of a First Information Report (FIR) related to this alleged money laundering network. What started as a routine financial inquiry has escalated into one of Gujarat's most intricate money trail probes, revealing a labyrinth of fake companies, rented identities, and suspected stock price manipulation tied to illicit online betting activities.
The complaint, filed by Hridesh Kumar, assistant director of the ED Ahmedabad, outlines findings under the Prevention of Money Laundering Act (PMLA) during searches connected to the "1xBet illegal betting racket." In a communication dated November 27, 2025, the ED informed the Ahmedabad city police commissioner about its discoveries and requested a criminal case be registered under provisions of the Bharatiya Nyaya Sanhita (BNS), the IT Act, and other relevant laws.
Pradip Od: The Unwitting Participant in the Scheme
At the center of this investigation is Pradip Od, the 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 without his knowledge. In a statement recorded under Section 17 of the PMLA, Od claimed he was paid Rs 25,000 per account and Rs 400 for signing cheque leaves. He insisted he had no control over the transactions conducted through these accounts, highlighting his role as an unwitting participant in the scheme.
Fake Firms and Massive Financial Transactions
The ED alleges that three firms—Pradip Enterprises, Kamlesh Trading (in the name of Kamlesh Kumar Kalal), and Ronak Traders (in the name of Ronak Ramesh Od)—were established in 2024 using forged KYC documents, dubious addresses, and manipulated Udyam registrations. Investigators have estimated that the combined credit and debit entries in these accounts reached approximately Rs 550 crore within a single year, indicating the scale of the operation.
According to the complaint, these accounts were allegedly used for layering and laundering proceeds of crime generated from illegal betting operations, engaging in circular trading to artificially inflate penny stocks, and covering personal expenses. Notable transactions included marriage-related payments for a Gandhidham-based businessman, Aditya Zula, and donations routed to the crowdfunding platform Impact Guru, which also came under scrutiny during the probe.
Key Accused and Their Roles in the Network
The alleged mastermind, Kiran Parmar alias Lala, is accused of controlling the entire operation. Other individuals named in the complaint include Mahadev, Jugal, Ravi, and Jeevraj, who allegedly performed various roles such as arranging SIM cards, managing cheque books, and supervising bank account activities to facilitate the illicit transactions.
In response to the ED's complaint, the DCB police registered an FIR for offenses including forgery and use of forged documents, cheating and personation, criminal conspiracy, impersonation, and identity theft under relevant provisions of the Bharatiya Nyaya Sanhita.
Stock Trail Raises Significant Red Flags
A substantial portion of the funds was transferred to listed entities such as Murae Organiser Ltd (formerly Eaurum Pharmaceuticals), Pradhin Ltd (earlier Bhagwandas Metals Ltd), and KKRRAFTON Developers Ltd, now known as Bharat Global Developers. Investigators observed abnormal price fluctuations, surveillance measures by SEBI, and dramatic spikes in turnover allegedly linked to suspect credits. In one instance, SEBI suspended trading after a share price surged by 10,000% within a year. Officials suspect that accommodation entries from suspect entities were used to artificially inflate turnover and stock values before sharp corrections occurred. Multiple FIRs across Navi Mumbai, Ahmedabad, Gandhinagar, and Bengaluru have already resulted in the freezing of bank accounts.
The Making of a Mule Network Exploiting Financially Distressed Individuals
The investigation has shed light on a growing trend where financially distressed individuals are recruited as "account mules." For a few thousand rupees, these individuals surrender their identity documents, SIM cards, and cheque books. Shell firms are then registered in their names, often declaring wholesale trading or manufacturing activities, with fake addresses and employee details submitted in statutory filings. Once operational, these accounts become conduits for high-volume transactions, sometimes reaching hundreds of crores, before being frozen after complaints emerge. Investigators note that the network employed layered transfers, rapid debit-credit cycles, and circular trades to obscure the money trail. In many cases, the named proprietors were completely unaware of the nature or magnitude of the transactions being conducted through their accounts.
