Mahadev promoters made Rs 450 crore a month, says ED charge sheet

economictimes.indiatimes.com:

Enforcement Directorate (ED) has claimed that the promoters of the Mahadev Book app made Rs 450 crore per month by offering illegal bets through a cache of online applications. In its prosecution complaint (PC), equivalent to a charge sheet, it said that a sizeable portion of the said amount has been invested in the Indian stock market through the Foreign Portfolio Investment (FPI) route.

The ED, which has pegged the scam at over Rs 5,000 crore, has repeatedly summoned the main accused Sourabh Chandrakar and Ravi Uppal, even securing non-bailable warrants against them and writing to the nodal agency (the CBI) with a request to issue a Red Corner Notice against both.

The probe has revealed that the two have bagged the citizenship of Oceania country, Vanuatu.

The MEA website describes the relationship between India and the Republic of Vanuatu as friendly and has been providing aid and assistance to the country located in the South Pacific Melanesian area between Papua New Guinea and Fiji. However, there is no clarity if there is any treaty to bring the absconding accused to book.

“Sourabh Chandrakar and Ravi Uppal were not honouring the summons issued to them and were deliberately evading the investigation.

Accordingly, an application was filed by the directorate before the Special Court (PMLA), Raipur, to issue open ended non-bailable warrants against the two,” according to the PC. The court issued an open-ended non-bailable warrant against the accused.