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Raipur, March 01, 2024: The Directorate of Enforcement (ED) has seized properties worth Rs 1296.05 crore from the people relating to the Mahadev App after conducting raids in multiple cities, including Raipur, Kolkata and Indore.
ED, which is investigating against illegal betting website “Mahadev Online Book”, recently conducted wide spread raids on alleged money laundering cases linked with Mahadev App in Kolkata, Gurugram, Delhi, Indore, Mumbai and Raipur, official sources said.
The searches by the ED yielded retrieve of cash of Rs 1.86 crore, valuables worth Rs. 1.78 crore and the agency has also frozen or identified proceeds of crime worth Rs 580.78 crore, the sources said.
The searches also resulted in seizure of large number of incriminating evidences, including digital data and identification of assets.
Earlier in this case, movable properties totalling Rs 572.41 crore had also been seized or frozen during searches conducted under the PMLA, 2002. Two Provisional Attachment Orders had also been issued, attaching movable and immovable properties valued at Rs 142.86 crore.
Prosecution complaints dated 20.10.2023 and 01.01.2024 had been filed in the case and nine accused were apprehended and the investigation was under progress, the sources said.
ED has also initiated investigation on the basis of FIRs registered by Chhattisgarh Police. Subsequently, other FIRs registered by Vishakhapatnam Police and other states were also taken on record. ED investigation has revealed that the operations of Mahadev Online Book are being run from Dubai and it operates by franchising “Panel/Branches” to their known associates on 70-30 profit ratio.
The main promoters of Mahadev App are also partner or promoter in multiple such online betting books like ‘Reddy Anna’, ‘Fairplay’ among others and were allegedly involved in large scale hawala operations to siphon off the proceeds of betting proceeds to off-shore accounts, the sources said.
ED said it had identified other major player involved with the promoters of Mahadev Online Book. one Hari Shankar Tibrewal who hails from Kolkata but currently residing in Dubai, is allegedly a huge hawala operator and has partnered with the promoters of Mahadev Online Book, the sources claimed adding during investigation it was revealed Tibrewal allegedly through his Dubai based entities was investing the betting proceeds in Indian Stock market by way of Foreign Portfolio Investment (FPI) route.
He had also allegedly employed many of his associates as director in various companies which were involved in layering of the betting proceeds by investing them in stock market. Accordingly, security holdings worth Rs 580.78 crore in the name of the entities beneficially owned by Tibrewal have been frozen by ED under PMLA 2002, the sources said.
Earlier in this case, movable properties totalling Rs 572.41 crore had been seized or frozen during searches conducted under the PMLA, 2002. Two Provisional Attachment Orders had been issued, attaching movable and immovable properties valued at Rs 142.86 crore.
Prosecution complaints dated 20.10.2023 and 01.01.2024, have also been filed in the case and nine accused have already been apprehended in connection with the case. Thus, a total attachment or freezing in the case stands at Rs 1296.05 crore and further investigation is under progress, they added.
