Mahadev online betting case: ED seizes assets and cash worth about Rs 417 crore
kolkata: The Enforcement Directorate (ED) has frozen and seized assets and cash worth about Rs 417 crore during raids conducted in Kolkata along with Bhopal and Mumbai recently.
According to sources, the ED was investigating a case regarding an online platform styled as M/s Mahadev Online Book Betting app, an umbrella syndicate arranging online platforms for enabling illegal betting websites to enrol new users, create user IDs and laundering of money through a layered web of ‘benami’ bank accounts. Investigation so far has revealed that Sourabh Chandrakar and Ravi Uppal, from Bhilai in Chhattisgarh, are the main promoters of the illegal platform and were running their operations from Dubai and operated by franchising panel and branches to their known associates on 70-30 per cent profit ratio. It was also found that hawala operations were done on a large scale to siphon off the proceeds of betting to multiple off-shore accounts. Additionally, a huge amount of money was used for its advertisement in India to attract people.
The central agency had earlier conducted searches in Chhattisgarh and arrested four accused persons, including the chief liaisoner of the betting syndicate who was organising payment for bribing senior government functionaries as protection money.
The ED also claimed that in February 2023, Chandrakar spent a whopping Rs 200 crore on his lavish wedding in the UAE where his family members arrived in private jets from Nagpur. Besides, several celebrities were paid to perform in the marriage. This apart, the wedding planners, dancers and decorators were hired from Mumbai and hawala channels were used to make payments. The ED has found traces of Rs 112 crore delivered through hawala to an event management company. During the probe, ED found that a Kolkata-based person, identified as Vikash Chhaparia, was handling the hawala-related operations for the betting platform.
The central agency conducted searches at his premises and at his associate Govid Kedia’s place during which it was found that with the help of Kedia, he was investing heavily in the Indian stock market by way of Foreign Portfolio Investment (FPI) route.
Accordingly, cash derivative and other security holdings worth Rs 236.3 crore in the name of entities beneficially owned by Chhaparia have been frozen by ED. Besides, assets worth Rs 160 crore in DEMAT holdings of Kedia have also been frozen by ED. The searches at the premises of Kedia resulted in seizure of Rs 18 lakh cash, gold and jewellery worth Rs 13 crore.
