Mahadev app accused deployed proceeds in stock market: ED

ED SEIZED CASH AMOUNTING TO ₹3.29 CRORE AND FROZE SECURITIES AND BONDS WORTH MORE THAN ₹573 CRORE FOLLOWING RAIDS, OFFICIALS SAID

- Neeraj Chauhan

NEW DELHI: The Enforcement Directorate's probe into the nearly Rs 6,000 crore online betting scam orchestrated by through the Mahadev App has revealed that the proceeds of crime were deployed in the Indian stock market, the agency said on Monday, adding that the promoters of some listed companies are under investigation for "stock market manipulation".

The financial crimes probe agency made the revelation as it froze securities and bonds worth Rs 573 crore following the April 16 raids at premises linked to several companies and individuals in Delhi, Mumbai, Indore, Ahmedabad, Chandigarh, Chennai and Sambalpur (Odisha).

"The search action resulted in seizure of cash amounting to Rs 3.29 crore, freezing of securities and bonds worth more than Rs 573 crore besides seizure of various incriminating documents and electronic records," ED said in a statement on Monday.