ED seizes Rs 417 crore in connection with betting app Mahadev; what we know about the case so far
Enforcement Directorate seized assets worth Rs 417 crore in alleged criminal proceeds from locations linked to betting app Mahadev. The agency raided locations in Kolkata, Bhopal, Mumbai and other cities in connection with the app.
Here's what we know so far about the operations of the app:
Started by Sourabh Chandrakar and Ravi Uppal, who are natives of Chhattisgarh's Bhilai, the app is an extension of the duo's activities as small-time bookies.
They are currently suspected to be operating out of Dubai.
According to the ED, the Mahadev app is an umbrella syndicate arranging online platforms to aid illegal betting websites in enrolling new users and launder money through a layered web of benami bank accounts.
“Large scale hawala operations are done to siphon off the proceeds of betting to off-shore accounts. Large expenditure in cash is also being done in India for advertising of betting websites and self-grandizement necessary to attract new Users and franchise (panel) seekers,” a statement from the government agency read.
Friday's searches are not the first instance, with the agency already conducting searches in Chhattisgarh and arrested four accused including the chief liaisoner of this betting syndicate which was organizing payment of the bribes to senior government functionaries as 'protection money'.
Till date, ED has conducted searches at 39 locations across Raipur, Bhopal, Mumbai and Kolkata and has seized illegal assets worth Rs 417 crore.
With the promoters of the app absconding, the agency has taken up investigation overseas, with the PMLA Special Court at Raipur issuing non-bailable warrants against them.
In addition to the mounting evidence against the promoters, one half of the duo — Sourabh Chandrakar -
