Wednesday was not a good day for the domestic stock market. In the previous day's trading, there was a scene of all-round selling in the market. Especially in the small cap and mid cap segment, the situation was very bad. In a way, this is like putting an end to the wonderful rally that has been going on for almost a year. Now a shocking report related to this is coming out.
The rally came from the money of this scam
An ET report tells that the money of Mahadev App scam worth about Rs 5000 crore. Was also involved in shares. The scam money was invested especially in small cap shares. It is feared in the report that the money from Mahadev App scam may also be responsible for the incredible rally that has taken place in small cap and mid cap shares during the last one year.
Thousands of crores seized. Shares of
This is also indicated by the actions of law enforcement agencies. The case of Mahadev App scam is currently being investigated by ED. ED has seized shares worth thousands of crores of rupees a few days ago in connection with the investigation. These shares are worth more than Rs 1,100 crore and are kept in a demat account linked to a Dubai-based hawala operator. The name of the concerned hawala operator has surfaced in the Mahadev App scam. He has been identified as Hari Shankar Tiberwal of Kolkata.
Hawala operator busted
ED believes that Tiberwal had invested in the Indian stock market through a Dubai-based company. Invested the app scam money. The scam money was invested in the market through the route of foreign portfolio investment. According to ED, Tiberwal was a partner of the promoters of Mahadev App in running an illegal betting app named Sky Exchange. Tibarwal, who worked as a hawala operator, was also engaged in investing the scam money in shares. ET's report says – ED believes that most of the scam money was invested in small cap and mid cap shares.
This is how the stock market got shattered
Small cap and mid A surprising rally was being seen in cap stocks for some time. On the basis of this rally, the mid cap and small cap indices of the stock market had defeated the main indices by a huge margin. Many market analysts were surprised about this. Even market regulator SEBI Chairperson Madhabi Puri Buch herself talked about a bubble in these shares and expressed the fear of manipulation. After that, the small cap index fell by more than 5 percent in the market yesterday. Whereas the Mid Cap Index declined by 4 percent and the SME Index declined by 6 percent.
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