Enforcement Directorate Seizes ₹417 Crore Worth of Assets in Mahadev Online Betting Case.

Enforcement Directorate Seizes ₹417 Crore Worth of Assets in Mahadev Online Betting Case.

Asif Iqbal | September 15, 2023 | 07:42 AM IST | Breaking News, Crime, Delhi | Follow on Google News

Enforcement Directorate Seizes ₹417 Crore Worth of Assets in Mahadev Online Betting Case.

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Money Laundering Scheme Unveiled

In a significant development, the Enforcement Directorate (ED) has frozen and seized assets valued at ₹417 crore in connection with the Mahadev online betting case. The company, led by Sourabh Chandrakar and Ravi Uppal, was operating out of Dubai and allegedly involved in using an online book betting application to enroll new users, generate user IDs, and launder money through a complex network of benami bank accounts.

Wide-Ranging Raids Expose Money Laundering Network

The ED recently conducted extensive searches across various cities, including Kolkata, Bhopal, and Mumbai, to unearth the money laundering networks associated with the Mahadev APP. These operations yielded a substantial amount of incriminating evidence, leading to the freezing and seizure of ₹417 crore in proceeds of crime. The agency issued a statement asserting that their investigation has revealed that the Mahadev Online Book App is centrally operated from a head office located in the UAE. Moreover, it operates on a franchising model, distributing “Panel/Branches” to their known associates with a profit-sharing ratio of 70-30.

Hawala Operations and Cash Expenditure Unveiled

The Enforcement Directorate’s investigation further exposed large-scale hawala operations designed to divert the proceeds of betting to offshore accounts. Additionally, it was revealed that significant cash expenditures were made within India for the purpose of advertising betting websites, aimed at attracting new users and franchise (panel) seekers.

Promoters’ Background and the Illegal Betting Syndicate

The promoters of the company originate from Bhilai in Chhattisgarh. The Mahadev Online Book Betting application, as uncovered during the investigation, functions as an umbrella syndicate that facilitates online platforms for illegal betting websites.

This latest development in the Mahadev online betting case underscores the ED’s relentless pursuit of financial irregularities and money laundering operations. It serves as a stark reminder of the challenges authorities face in tackling illegal online betting and the need for stringent measures to curb such activities.

Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.