Mahadev betting case: ED seizes assets worth ₹417 crore
ED says the company was using the online book betting application to enrol new users, create user IDs and launder money through a layered web of benami bank accounts
The Enforcement Directorate (ED) has frozen and seized assets worth ₹417 crore in connection with the Mahadev online betting case, officials said on Friday (September 15).
According to the agency, the Dubai-based company, promoted by Sourabh Chandrakar and Ravi Uppal, was using the online book betting application to enrol new users, create user IDs and launder money through a layered web of benami bank accounts.
“The ED has recently conducted widespread searches against the money laundering networks linked with Mahadev APP in cities like Kolkata, Bhopal, Mumbai etc. and retrieved large amount of incriminating evidences and has frozen/seized proceeds of crime worth ₹417 crore," the agency said in a statement.
The ED investigation has shown that Mahadev Online Book App is run from a central head office in the UAE, officials said. It operates by franchising “Panel/Branches” to their known associates on 70-30 per cent profit ratio, the ED said.
Large scale hawala operations are done to siphon off the proceeds of betting to off-shore accounts. Large expenditure in cash is also being done in India for advertising of betting websites to attract new users and franchise (panel) seekers, it said.
The promoters of the company hail from Bhilai in Chhattisgarh and the Mahadev Online Book Betting application is an umbrella syndicate arranging online platforms for enabling illegal betting websites.
(With inputs from agencies)