Authorities freeze assets in Mahadev Book probe

Authorities have conducted extensive searches targeting money laundering networks associated with the Mahadev APP.

09/15/23

The Enforcement Directorate has seized assets as part of investigations into the app.

India.- The Enforcement Directorate (ED) has frozen and confiscated assets valued at Rs 417 crore (US$50.21m) in connection with investigations into the online betting app Mahadev Book.

The company, allegedly operated by Sourabh Chandrakar and Ravi Uppal from Dubai, is accused of using an online book betting application to onboard new users and of laundering money through a network of benami (unnamed) bank accounts. The ED says Mahadev operates from a central headquarters in the UAE and follows a franchising model by offering “Panel/Branches” to known associates on a 70-30 profit-sharing basis.

The agency stated, “The ED has recently conducted extensive searches targeting money laundering networks associated with the Mahadev APP in cities like Kolkata, Bhopal, and Mumbai, recovering substantial incriminating evidence and freezing/seizing proceeds of crime amounting to Rs 417 crore.”

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GAMBLING REGULATION