Obscure offshore funds may have played a role in running up the share price of certain small-cap companies in India. Several of these funds have links with Hari Tibrewala, the Dubai-based ‘hawala operator’ said to be behind the Mahadev Online betting app scandal
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