https://www.cnbctv18.com/business/companies/ed-confiscates-stake-in-gensol-engineering-linked-to-mahadev-betting-app-accused-hari-tibrewal-19592069.htm

The Enforcement Directorate (ED) has confiscated a stake in Gensol Engineering Ltd (GEL) linked to Hari Shankar Tibrewal, a key accused in the Mahadev Betting App money laundering case, according to a Moneycontrol report.

As per the latest shareholding data filed with the Bombay Stock Exchange, ED’s Raipur Zonal Office now holds 520,063 shares—1.37% of GEL’s equity—classified under “government holding” as of December 2024, the report said.

These shares were previously held by Dubai-based Zenith Multi Trading DMCC, an entity associated with Tibrewal, the MC report added.

The seizure stems from an ED order dated February 28, 2024, which directed the freezing of securities held by Zenith and 12 other demat accounts. The agency also flagged Tibrewal’s email ID in the freeze notice.

The action followed search operations under the Prevention of Money Laundering Act (PMLA) at Ability Games Pvt Ltd in Kolkata.

According to ED press releases dated March 1 and March 8, Tibrewal allegedly laundered proceeds of crime through domestic and offshore firms, aided by intermediaries such as Suraj Chokhani.

As of February 29, companies linked to Tibrewal reportedly held securities worth ₹580 crore in India and ₹606 crore through foreign portfolio investments (FPI).

ED claims much of the investment capital originated from bank entries against cash, later routed into Indian markets.

Responding on March 13, Gensol stated Zenith has been a passive shareholder since September 2022, holding under 1.5% stake with no operational involvement.

According to the report, sources suggest other listed firms may also face ED scrutiny.