Rapido in Spotlight: ₹331-Cr Money Trail Raises Questions, Company Pushes Back

Rapido stated it has no role in the Enforcement Directorate’s investigation into a ₹331.36 crore deposit trail uncovered in a bike taxi driver’s bank account, asserting the company is cooperating with authorities and distancing itself from the alleged activity. ED officials reportedly discovered the account while probing money laundering linked to 1xbet online betting, describing it as a classic “mule” account used to channel illicit funds. The deposits spanned August 19, 2024, to April 16, 2025, intensifying scrutiny around potential KYC misuse and third-party exploitation of individual accounts.

Key highlights

- Company stance: Rapido denies involvement and says the driver’s actions were personal; the firm is assisting investigators.

- Money trail: ₹331.36 crore was deposited in the driver’s account over roughly eight months, per ED officials.

- Probe link: The ED stumbled upon the driver during its investigation into money-laundering tied to 1xbet online betting.

- Mule account framing: Officials described the account as a “mule” used to funnel illicit funds, often via fake or hired KYC.

- Regulatory focus: The case underscores heightened attention on platform-linked KYC controls and financial crime prevention.

Sources: Moneycontrol; Business Standard; Deccan Herald; The Hindu BusinessLine; Times of India