Mahadev app: ED freezes assets worth Rs 580 crore of Dubai-based 'hawala-operator'
money laundering case, the Enforcement Directorate (ED) has frozen various security holdings valued at over Rs 580 crore belonging to a Dubai-based «hawala operator.» The ED conducted fresh raids on February 28 at multiple locations across Kolkata, Gurugram, Delhi, Indore, Mumbai, Bhopal, and Raipur, resulting in the seizure of cash and valuables worth Rs 3.64 crore.
As per reports, the ED's investigation into the Mahadev online book gaming and betting app has revealed the involvement of high-ranking politicians and bureaucrats from Chhattisgarh, the home state of the app's main promoters.
The agency identified Hari Shankar Tibrewal, a Kolkata native currently residing in Dubai, as a «hawala operator and major player» in the case. Tibrewal allegedly partnered with the Mahadev app promoters and operated an illegal betting app called «skyexchange.»
The ED alleges that Tibrewal, through his Dubai-based entities, invested betting proceeds in the Indian stock market via the Foreign Portfolio Investment (FPI) route. Additionally, he employed associates as directors in various companies involved in layering betting proceeds by investing them in the stock market.
The agency further accuses Tibrewal of facilitating large-scale hawala movements of betting funds. As a result, security holdings worth Rs 580.78 crore beneficially owned by Tibrewal have been frozen under the Prevention of Money Laundering Act (PMLA). Cash worth Rs 1.86 crore and valuables worth Rs 1.78 crore were recovered during the raids.
To date, the ED
