Who Is Sourabh Chandrakar? Betting App Promoter Who Spent Rs 200 Cr On His UAE Wedding

Sourabh Chandrakar is a key figure in an ongoing investigation by the Enforcement Directorate (ED) involving an online betting syndicate known as Mahadev Online Book Betting App. This syndicate is alleged to facilitate illegal betting websites and engage in money laundering through a complex network of benami bank accounts.

What does ED say about Sourabh Chandrakar?

The investigation by ED has revealed that Sourabh Chandrakar and another individual named Ravi Uppal, both originally from Bhilai, Chhattisgarh, are the primary promoters of Mahadev Online Book.

They are believed to be operating their activities from Dubai, with the central head office located in the UAE. The syndicate operates by franchising "Panel/Branches" to their associates on a 70%-30% profit-sharing ratio. Large-scale hawala operations are used to move the proceeds of betting to offshore accounts.

The investigation has further uncovered that the syndicate spends a significant amount of cash in India on advertising for betting websites and self-promotion to attract new users and franchise seekers. It was also discovered that this syndicate was involved in organising payments of bribes to senior government officials as "protection money."

During the course of the investigation, ED conducted searches in various cities, including Kolkata, Bhopal, and Mumbai, resulting in the seizure of a substantial amount of incriminating evidence. The ED has frozen and seized assets worth Rs 417 Crore that are believed to be proceeds of illegal activities.

Betting App Promoter Who Spent Rs 200 Cr On His UAE Wedding

Notably, the investigation uncovered that Sourabh Chandrakar and Ravi Uppal had established a substantial presence in the UAE, and they were openly displaying their newfound wealth. An extravagant wedding ceremony for Sourabh Chandrakar in the UAE, held in February 2023, reportedly cost around Rs 200 Crore in cash. The wedding featured private jets, celebrities, event planners, dancers, and decorators, with hawala channels being used for cash payments.

Searches conducted by ED at the premises of Yogesh Popat, one Mithilesh & other linked organizers revealed evidence of hawala transactions, unaccounted cash, and the involvement of celebrities in endorsing these betting entities. The investigation has also identified other individuals and entities involved in money laundering operations for the Mahadev Online Book APP, including those investing heavily in the Indian stock market through foreign portfolio investment (FPI) routes.

The investigation is ongoing, with multiple searches conducted at various locations, both within India and abroad. The Hon'ble PMLA Special Court at Raipur has issued Non-Bailable Warrants (NBWs) against absconding suspects in this case.