Enforcement directorate
The Enforcement Directorate on Friday seized assets worth Rs 417 crore in connection with the Mahadev online betting case. They alleged that the company promoted by Sourabh Chandrakar and Ravi Uppal, which was running operations from Dubai, was allegedly 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 agency alleged in a statement, “The ED has recently conducted wide-spread searches against the money laundering networks linked with Mahadev APP in cities like Kolkata, Bhopal, Mumbai, etc. and retrieved a large amount of incriminating evidence and has frozen or seized proceeds of crime worth Rs 417 crore.”
Furthermore, the officials stated that the ED investigation has shown that the Mahadev Online Book App is run from a central head office in the UAE. It operates by franchising “Panel/Branches” to their known associates at 70-30% profit ratio.
It stated that large-scale hawala operations are done to siphon off the proceeds of betting to off-shore accounts. A large expenditure in cash is also being made in India for the advertising of betting websites to attract new users and franchise (panel) seekers.
The company promoters hail from Bhilai, Chhattisgarh, and the Mahadev Online Book Betting application is an umbrella syndicate arranging online platforms for enabling illegal betting websites.
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