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ED is reportedly preparing to summon Jaggi brothers in connection with the ongoing investigation into the...
Read More The Directorate of Enforcement (ED) is reportedly preparing to summon Anmol and Puneet Singh Jaggi, the promoters of Gensol Engineering, in connection with the ongoing investigation into the Mahadev Book illegal betting application, according to sources cited by The Economic Times . Although the ED has not yet formally summoned the Jaggi brothers, it recently froze over 500,000 shares of Gensol Engineering. Investigators suspect the shares were subject to artificial price manipulation, potentially linked to the Dubai-based Zenith Multi Trading DMCC—a firm reportedly associated with Mahadev scam accused Hari Shankar Tibrewal.
A senior government official revealed to ET that the investigation has uncovered alleged stock manipulation involving illicit funds from the Mahadev app, routed into Gensol Engineering through foreign portfolio investment (FPI) channels. The agency aims to determine whether the company’s promoters were aware of the origin of these funds. Earlier this week, the ED attached securities and demat accounts worth over Rs 573 crore as part of the probe.
This includes assets tied to Gensol Engineering. According to BSE filings, the ED’s Raipur Zonal Office now holds 520,063 Gensol shares (1.37% stake), previously registered under Zenith Multi.
The Raipur office is leading the investigation into financial irregularities related to the Mahadev app case. On April 16, the agency conducted searches at over 50 locations across Delhi, Mumbai, Ahmedabad, Indore, Jaipur, and Sambalpur—including the residence of EaseMyTrip founder Nishant Pitti. In a recent statement, the ED disclosed that funds generated from the betting platforms were laundered into India via FPIs based in jurisdictions like Dubai and Mauritius.
These proceeds were allegedly funneled into SME-listed stocks to create artificial price fluctuations and mislead retail investors. The probe also highlights the role of listed company promoters who allegedly facilitated the entry of tainted money through preferential share allotments and other financial instruments. To date, the ED has searched over 170 locations, arrested 13 individuals, and seized or attached assets worth Rs 3,002.
47 crore. Seventy-four entities have been named as accused. Mahadev app founders Saurabh Chandrakar and Ravi Uppal, now Vanuatu citizens, remain absconding.
The agency believes the scam exceeds Rs 5,500 crore, with proceeds invested in cryptocurrencies, real estate, and stocks. Tibrewal and associate Suraj Chokhani are alleged to be key players in laundering the illicit funds through stock investments via FPIs. Alongside ED, the CBI and the Directorate General of GST are also probing the scam.
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