The Enforcement Directorate (ED) has recently taken significant action in connection with the Mahadev online betting case, attaching assets worth Rs 387.99 crore. This move, made on December 5, highlights the ongoing efforts by the agency to combat illegal betting operations and the associated money laundering activities.
The attached assets are linked to a Mauritius-based company, Tano Investment Opportunities Fund, which is associated with Hari Shankar Tibrewal through Foreign Portfolio Investment (FPI) and Foreign Direct Investment (FDI).
These assets include a range of movable investments and immovable properties, which are spread across multiple locations such as Chhattisgarh, Mumbai, and Madhya Pradesh. These assets are owned by various promoters of betting apps, panel operators, and other individuals connected to the illegal betting syndicate.
The Mahadev Online Book Betting App operates as a sophisticated network designed to facilitate illegal online betting. Through this platform, users can register, create unique IDs, and place bets.
The app also serves as a vehicle for laundering money, relying on a complex system of benami bank accounts to conceal the true ownership and flow of funds. The ED’s investigation has revealed the extent of this network, which appears to have been used to facilitate large-scale financial crimes.
To date, the ED has made significant progress in its probe, seizing or freezing assets valued at an astonishing Rs 2,295.61 crore. This includes a variety of seized items, such as cash amounting to Rs 19.36 crore, jewellery and valuables worth Rs 16.68 crore, and movable assets like bank balances and securities that total Rs 1,729.17 crore.
Additionally, two provisional attachment orders worth Rs 142.86 crore were issued earlier, as part of the ongoing efforts to dismantle the illegal operation.
In a further step towards bringing the culprits to justice, the ED has arrested 11 individuals involved in the Mahadev online betting case. The agency has also filed four prosecution complaints before the Special Prevention of Money Laundering Act (PMLA) court in Raipur.
These legal proceedings are part of the ED’s broader effort to curb money laundering activities linked to illegal online gambling and betting platforms.
The investigation into the Mahadev Book Online Betting App began in earnest in November of the previous year when the ED launched a series of searches targeting money laundering networks.
During these raids, the agency recovered a significant sum of Rs 5.39 crore in cash and Rs 15.59 crore in bank balances, further illustrating the scale of the operation and the extent to which the betting syndicate was involved in illicit financial activities.
As part of its ongoing inquiry, the ED has also summoned several well-known personalities, including celebrities and Bollywood actors, for questioning. The agency is looking into their potential involvement with the Mahadev betting platform and the methods used to process payments linked to the app. This move indicates the growing interest in understanding the full scope of the operation and its connections to the entertainment industry.
Two charge sheets have already been filed by the ED in connection with the Mahadev app case. These charge sheets primarily focus on the main promoters of the illegal betting platform, Sourabh Chandrakar and Ravi Uppal.
Their role in masterminding the syndicate and facilitating the large-scale money laundering operation is central to the case. The ED's move to file charges against these individuals represents a significant step towards accountability and legal action against those behind the operation.
The Mahadev online betting case highlights the increasing sophistication of illegal online gambling networks and the challenges faced by authorities in tackling these operations.
These platforms not only allow users to place bets but also serve as conduits for laundering vast sums of money, often using complex financial networks and shell companies to obscure the true nature of the transactions.
The ED’s investigation has revealed how these operations have expanded across different regions and sectors, making it difficult to track and dismantle the network without concerted effort from law enforcement agencies.
This case underscores the importance of vigilant monitoring and investigation into financial crimes, particularly those related to online platforms.
With the rise of digital technologies, illegal activities like online betting and money laundering have become increasingly prevalent, requiring agencies like the ED to adapt and employ sophisticated techniques to uncover and disrupt these networks.
Follow us
