Did the ED seize properties worth Rs 91.82 crore in the Mahadev betting app scandal?
Click to start listening
Synopsis
In a significant move, the ED has provisionally attached properties worth Rs 91.82 crore linked to the Mahadev betting app scam. This ongoing investigation reveals elaborate money laundering schemes and the involvement of key accused, highlighting the agency's commitment to dismantling financial corruption.
Key Takeaways
- The ED has attached properties worth Rs 91.82 crore in the Mahadev betting app case.
- Key accused are using offshore companies to launder money.
- Manipulation of betting games is a central theme in the investigation.
- Funds are funneled through various illegal channels including hawala.
- Significant arrests and asset seizures highlight the ongoing crackdown on financial crime.
Raipur, Jan 7 (NationPress) The Enforcement Directorate (ED) has taken provisional action to attach movable and immovable properties valued at around Rs 91.82 crore as part of its ongoing investigation into the illicit activities of Mahadev Online Book (MOB) and Skyexchange.com betting platforms.
In its most recent initiative, the ED’s Raipur Zonal Office has frozen bank assets totaling Rs 74.29 crore associated with Dubai-based firms M/s Perfect Plan Investment LLC and M/s Exim General Trading FZCO. These companies are reportedly managed by main accused Sourabh Chandrakar, Anil Kumar Agarwal, and Vikas Chhaparia, who allegedly used them to mask illicit proceeds as legitimate investments, according to a statement released by the agency on Wednesday.
Moreover, properties worth Rs 17.5 crore belonging to Gagan Gupta—a close associate of Hari Shankar Tibrewal, the owner of Skyexchange.com—have also been attached. These assets include high-value real estate and properties registered under Gupta’s family members' names, acquired using cash generated from illegal betting activities, the statement elaborated.
The ED’s investigation has established that platforms like Mahadev Online Book and Skyexchange.com manipulated games to ensure users incurred losses, thereby amassing substantial illegal gains. The app operated as a comprehensive network facilitating user sign-ups, financial transactions, and laundering through benami accounts, fake KYC documentation, and unaccounted transactions, the statement detailed.
Funds were reportedly funneled abroad via hawala, trade-based laundering, and cryptocurrencies before being reinvested in Indian stocks through foreign portfolio investors (FPIs). A cashback scheme was uncovered, wherein FPIs invested in listed companies like Salasar Techno Engineering Ltd and Tiger Logistics Ltd, with promoters returning 30-40 percent in cash incentives.
Allegedly, Gupta gained Rs 98 crore from such transactions, as noted by the agency. The ED has executed searches at over 175 locations, attaching, seizing, or freezing assets valued at nearly Rs 2,600 crore. A total of thirteen arrests have been made, with 74 entities named in five prosecution complaints.
This investigation underscores sophisticated money laundering tactics that evade taxes and regulations, as the ED progresses in dismantling the financial network of the syndicate.
Point of View
I recognize the critical importance of the Enforcement Directorate's actions against money laundering. The ongoing investigation into the Mahadev betting app scandal reveals not only the scale of financial malfeasance but also underscores the need for stringent regulatory measures. Our commitment is to report truthfully and responsibly, ensuring transparency in these serious matters.
NationPress
08/01/2026
Frequently Asked Questions
What is the Mahadev betting app scandal?
The Mahadev betting app scandal involves illegal online betting operations that generated massive profits through manipulated games and money laundering.
How much has the ED seized in this case?
The Enforcement Directorate has provisionally attached properties worth approximately Rs 91.82 crore related to the Mahadev betting app.
Who are the key accused in this investigation?
The main accused include Sourabh Chandrakar, Anil Kumar Agarwal, and Vikas Chhaparia, who are allegedly involved in orchestrating the money laundering activities.
What tactics were used for money laundering?
The investigation revealed tactics such as using fake KYC documents, benami accounts, and international fund transfers to obscure the origin of illicit funds.
What actions has the ED taken so far?
The ED has conducted searches at over 175 premises, frozen bank accounts, and attached properties, with 13 arrests made and 74 entities named in prosecution complaints.
