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ED cracks down on illegal betting: Seizes assets worth ₹417 Crore in Mahadev Online Betting Case

ED has frozen and seized assets worth ₹417 crore in the Mahadev online betting case
The company was allegedly involved in money laundering through a complex network of benami bank accounts
The operation is managed from a central office in the UAE and follows a franchising model with associates receiving a 70-30 profit split

ED cracks down on illegal betting: Seizes assets worth ₹417 Crore in Mahadev Online Betting Case

The Enforcement Directorate (ED) has taken significant action in the Mahadev online betting case by freezing and seizing assets totaling ₹417 crore, according to officials. The company associated with Sourabh Chandrakar and Ravi Uppal, operating from Dubai, allegedly utilized an online book betting application to onboard new users, establish user IDs, and engage in money laundering through a complex network of benami bank accounts.

The ED's investigation into the Mahadev Online Betting Case has revealed that the operation is managed from a central head office in the UAE. It follows a franchising model, with associates receiving a 70-30 profit split. The agency also uncovered large-scale hawala transactions used to funnel betting proceeds into offshore accounts. Furthermore, significant cash expenditures for advertising illegal betting websites and attracting new users have been identified in India.

The promoters of the company are originally from Bhilai, Chhattisgarh, and the Mahadev Online Book Betting application is described as an umbrella syndicate that facilitates illegal betting websites.

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Enforcement Directorate

Mahadev Online Betting Case

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