The Enforcement Directorate, following recent raids across six cities on February 28, has taken action against a Dubai-based 'hawala operator' implicated in the ongoing investigation into the Mahadev betting app money laundering case. Security holdings valued at Rs 580 crore have been frozen, and cash along with other valuables totaling Rs 3.64 crore have been seized.
These raids, conducted in Kolkata, Gurugram, Delhi, Indore, Mumbai, and Raipur, mark the latest developments in the probe. The investigation stemmed from FIRs filed by Chhattisgarh Police, later joined by police from other cities including Visakhapatnam.
It has been unveiled that the operations linked to the Mahadev app are orchestrated from Dubai, with franchised 'panel/branches' operating under a profit-sharing ratio of 70-30 with known associates. The primary promoters are alleged to have ties to other online betting platforms like 'Reddy Anna' and 'Fairplay'.
The Enforcement Directorate's scrutiny has unearthed large-scale 'hawala' transactions aimed at diverting betting proceeds offshore. One Hari Shankar Tibrewal, originally from Kolkata but currently residing in Dubai, has been identified as a key figure in these operations. Tibrewal collaborated with Mahadev app promoters and was found to be the owner of the illegal betting website 'skyexchange'.
Additionally, it was discovered that Tibrewal had been funneling betting profits into the Indian Stock Market through Dubai-based entities using the Foreign Portfolio Investment (FPI) route. Several of his associates were appointed as 'directors' in various companies involved in layering betting proceeds through stock market investments.
As a result of these findings, security holdings worth Rs 580 crore belonging to Tibrewal's entities have been frozen under the Prevention of Money Laundering Act (PMLA) 2002. The Enforcement Directorate has made significant strides in the case, arresting nine individuals and filing two charge sheets, including against the main promoters Sourabh Chandrakar and Ravi Uppal.
The total freeze on accounts linked to the case now amounts to Rs 1296.05 crore, while the estimated proceeds of crime are around Rs 6,000 crore, as per the probe agency's assessments.
The Mahadev app scandal revolves around an illicit online betting platform facilitating gambling on various sports and games, ranging from poker and card games to badminton, tennis, football, and cricket.
