Mahadev Online Book The illegal betting scam has dealt a major blow to investors in many small cap and penny stocks. Stocks in these categories have lost as much as 37 percent so far this month. Dubai-based alleged hawala operator Hari Shankar Tabrewala and related entities own more than 30 listed stocks. At least six of them have been forced to issue public statements denying any link to the accused after their share prices plummeted, The Economic Times reported. Enforcement Directorate i.e. ED is proceeding in Mahadev online book illegal betting scam.
Many stocks gave multi-bagger returns.
According to the news, the value of many listed stocks related to this scandal has been significantly reduced, which has spread panic in the stock market. Many stocks in the accused’s portfolio have given multi-bagger returns. For example, Gensol Engineering, which returned an astounding 800% in just 2 years, has since lost a third of its value.
During the investigation in the Mahadev betting app case, the Enforcement Directorate revealed that several dummy accounts and bogus bank entities were being used to invest around Rs 1,100 crore in the stock market. The ED will freeze these shares till the investigation is completed.
Securities worth about ₹580 crore in stock portfolio
The Enforcement Directorate had recently said that as on February 29, 2024, the stock portfolio of Indian companies controlled by associates of Hari Shankar Tabriwal had securities worth around Rs 580 crore. Foreign institutions also invest in India through FPI. It found that its stock portfolio had securities worth ₹ 606 crore as on February 29, 2024. According to the ED, Tabriwal was involved in stock market manipulation along with promoters of listed companies.
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