417 Crore: This ED Recovery In Mahadev Betting Case Will Shock You

The Enforcement Directorate (ED) has taken action to freeze and confiscate assets valued at Rs 417 crore in connection with the Mahadev online betting case, as per officials' statements on Friday.

The company, which was promoted by Sourabh Chandrakar and Ravi Uppal and operated from Dubai, is alleged to have utilised the online book betting application for the recruitment of new users, the creation of user IDs, and the laundering of money through a complex network of benami bank accounts.

As per the agency's official statement released on September 15, 2023, it states, "The ED has recently conducted extensive searches targeting money laundering networks associated with the Mahadev app in cities such as Kolkata, Bhopal, Mumbai, etc., and has uncovered substantial incriminating evidence. It has frozen and seized proceeds of crime amounting to Rs 417 crore."

Officials have determined through their investigation that the Mahadev Online Book App operates from a central headquarters in the UAE. It operates by franchising "Panel/Branches" to known associates on a 70-30 profit-sharing ratio, as indicated by the ED.

Hawala operations on a large scale are allegedly being employed to transfer the proceeds of betting to offshore accounts. Substantial cash expenditures are also taking place in India for the advertising of betting websites, with the aim of attracting new users and franchise seekers, according to the ED.

The promoters of the company are originally from Bhilai in Chhattisgarh, and the Mahadev Online Book Betting application is described as an overarching syndicate that facilitates online platforms for illegal betting websites.

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