By The Sampadak Express
The Enforcement Directorate (ED) has confiscated a stake in Gensol Engineering Ltd (GEL) connected to Hari Shankar Tibrewal, a key accused in the high-profile Mahadev Betting App money laundering case, according to a report by Moneycontrol.
As per the latest shareholding disclosures filed with the Bombay Stock Exchange, ED’s Raipur Zonal Office now holds 520,063 shares—amounting to 1.37% of GEL’s equity. These shares are currently categorized under “government holding” as of December 2024.
The seized shares were previously owned by Dubai-based Zenith Multi Trading DMCC, an entity reportedly linked to Tibrewal. The action follows an ED order dated February 28, 2024, which mandated the freezing of securities held in Zenith’s name along with 12 other demat accounts. The order also included Tibrewal’s email ID as part of the official freeze notice.
This enforcement action stems from earlier search operations conducted under the Prevention of Money Laundering Act (PMLA) at Ability Games Pvt Ltd in Kolkata. According to ED press releases issued on March 1 and March 8, Tibrewal is accused of laundering proceeds of crime via a network of domestic and offshore companies, aided by associates such as Suraj Chokhani.
As of February 29, firms linked to Tibrewal reportedly held securities valued at ₹580 crore in India and ₹606 crore through foreign portfolio investments (FPIs). The ED alleges these investments were made using illicit capital, funneled into the market through structured bank entries backed by cash.
Gensol Engineering, in a statement dated March 13, clarified that Zenith had been a passive investor since September 2022, with a stake of less than 1.5% and no involvement in company operations.
Sources cited in the report also suggest that other listed companies associated with the accused may soon come under ED scrutiny.
