The directorate of enforcement (ED) has provisionally attached movable and immovable assets worth around ₹91.82 crore in connection with the Mahadev Online Book illegal betting case.
In a statement, ED says its Raipur zonal office issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA), 2002, against assets linked to illegal betting operations run through Mahadev Online Book (MOB) and Skyexchange.com.
As part of the latest action, the agency attached bank balances amounting to ₹74.28 crore held in the names of Dubai-based entities Perfect Plan Investment LLC and Exim General Trading – GZCO. According to ED, these entities were controlled by Sourabh Chandrakar, Anil Kumar Agarwal and Vikas Chhaparia and were used to conceal and project proceeds of crime as legitimate investments.
The agency has also attached properties worth about ₹17.5 crore belonging to Gagan Gupta, described as a close associate of Hari Shankar Tibrewal, the owner of Skyexchange.com. These include high-value real estate and liquid assets held in the names of Mr Gupta’s family members, which ED claims are acquired using cash generated from illegal betting activities.
ED’s investigation has revealed that illegal betting platforms such as Mahadev Online Book and Skyexchange.com generated massive proceeds of crime, which were laundered through a complex network of benami bank accounts. The agency says the Mahadev Online Book application functioned as a central platform to onboard customers and manage financial operations for multiple illegal betting websites and mobile apps.
Investigators alleged that the betting platforms were designed in a manner that ensured customers ultimately lost money, with thousands of crores collected and distributed through a pre-determined profit-sharing arrangement. Fabricated or stolen know-your-customer (KYC) documents were allegedly used to open bank accounts, while the betting proceeds were layered and concealed to avoid detection and taxation.
According to ED, the proceeds of crime were moved out of India through hawala channels, trade-based money laundering and crypto-assets, before being routed back into the country and invested in the Indian stock market through foreign portfolio investors (FPIs).
The investigation also uncovered what the agency described as a 'cashback' scheme, under which foreign portfolio investors (FPI) invested large sums in listed Indian companies, while company promoters allegedly returned 30% to 40% of the investment amount in cash. Mr Gupta has been identified as a beneficiary of at least ₹98 crore from such transactions, involving companies including Salasar Techno Engineering Ltd and Tiger Logistics Ltd.
So far, ED has conducted searches at more than 175 locations across the country in the case. Cumulatively, assets worth about ₹2,600 crore have been seized, frozen, or attached during the course of the investigation.
The agency has arrested 13 individuals in the case and named 74 entities as accused in five prosecution complaints filed to date. The investigation is ongoing.
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