A mini storm appears to be brewing in the smallcap equities market after the Enforcement Director seized the assets of several entities for their alleged involvement in the Mahadev betting scam
Shares of several companies, in which Dubai-based hawala operator Hari Shankar Tibrewala (sometimes mentioned as Tibrewal) owns a stake through the foreign portfolio investor (FPI) route, continue to fall on Indian stock exchanges. Cellecor Gadgets Ltd, in which Tano Investments Opportunities Fund holds 13%, hit its lower circuit of 20% to Rs190.80.
According to the ED, Tibrewala has been laundering the proceeds from the betting operations by investing the money in shares of companies listed on the BSE and NSE.
The counter opened at Rs 34.89 and went on to hit an intraday high of Rs 37. This is a surge of around 7.93 per cent against the previous close of Rs 34.28. Also, it is close to the upper circuit of Rs 37.70.