Mahadev betting app scam: 19 smallcap stocks crash up to 37% this month

Investors in multiple smallcap and penny stocks, in which entities involved in the multi-crore Mahadev Online Book illegal betting application scam held a stake, have lost up to 37% this month..

While Dubai-based alleged hawala operator Hari Shankar Tibrewala and related entities owned more than 30 listed stocks, at least 6 of them have been forced to issue public clarifications denying any links to the accused following a crash in share prices...

Many of the stocks that are in the portfolios of the accused have given multibagger returns..

Last week, the Enforcement Directorate (ED) said it has frozen shares worth Rs 1,100 crore held in demat accounts linked to the accused in the case.. ...As on 29.02.2024, the Indian companies under control of associates of Hari Shankar Tibrewal held around securities worth Rs 580 crore in stock portfolios..

That the foreign entities also invested in India via the FPI route and as on 29.02.2024 they were found to be holding securities worth Rs 606 crore in stock portfolios, the ED had said in a statement on Friday...

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