ED seizes Rs 387.99 crore in assets linked to Mahadev betting case, total assets frozen now at Rs 2,683.60 crore
The Enforcement Directorate (ED) has attached assets worth ₹387.99 crore in the Mahadev betting case, following its earlier seizure of ₹2295.61 crore in assets. These assets were confiscated on December 5 from Madhya Pradesh, Mumbai, and Chhattisgarh. The ED has arrested 11 individuals in connection with this betting case and filed two charge sheets so far. The latest assets seized include the movable property of Tanoh Investment Opportunities Fund, a Mauritius-based company. This company had invested through FPI and FDI channels into Harishankar Tibrewal.
The properties are linked to several betting apps and websites. The ED has attached real estate properties in Chhattisgarh, Mumbai, and Madhya Pradesh. These properties belong to promoters, panel operators, and associates of various betting apps. The ED’s investigation revealed that the Mahadev online betting app operates as a syndicate, where individuals register and receive user IDs. The app has a complex network of benami bank accounts used for money laundering. The investigation further found that this app promotes betting via online platforms. To date, the ED has seized or frozen assets worth ₹2295.61 crore in the Mahadev betting case, including ₹19.36 crore in cash, ₹16.68 crore worth of goods, and ₹1729.17 crore in liquid assets, including bank balances and securities.
The ED has arrested 11 individuals in the case, and four prosecution complaints have been filed in the special PMLA court in Raipur. Previously, the ED had ordered the attachment of ₹142.86 crore in assets. Last year, the Enforcement Directorate raided the money laundering network linked to the Mahadev betting case, during which ₹5.39 crore in cash and ₹15.59 crore in bank balances were seized. The ED has also questioned several high-profile individuals and celebrities from the film industry, as they were linked to the betting platform. Charge sheets have been filed against the main promoters, Saurabh Chandrakar and Ravi Uppal.
