ED attaches ₹387.99 crore worth assets in Mahadev Online Book betting case | File Photo
Mumbai: The Enforcement Directorate (ED) stated on Saturday that its Raipur zonal unit has issued a Provisional Attachment Order under the Prevention of Money Laundering Act (PMLA), 2002, attaching assets worth Rs 387.99 crore in connection with the ongoing Mahadev Online Book betting case. The order, issued on December 5, 2024, marks a significant escalation in the ED’s crackdown on the syndicate’s illegal financial operations.
According to the ED statement, the attached assets include investments linked to one of the accused, Hari Shankar Tibrewal, through a Mauritius-based company, M/s Tano Investment Opportunities Fund. These investments, channeled via Foreign Portfolio Investment (FPI) and Foreign Direct Investment (FDI), are part of a broader financial network facilitating the betting operations. In addition to these investments, several immovable properties located in Chhattisgarh, Mumbai, and Madhya Pradesh, belonging to the syndicate’s promoters and their associates, have also been seized.
The ED’s investigations have revealed that M/s Mahadev Online Book, an umbrella syndicate, has been running online platforms for illegal betting. The syndicate’s operations include enrolling new users, creating User IDs, and laundering money through a complex web of benami bank accounts, further complicating efforts to track the illicit funds.
As part of its ongoing investigation, the ED has seized and frozen assets, including cash amounting to Rs 19.36 crore and valuables worth Rs 16.68 crore. Additionally, movable assets, such as bank balances and securities, totaling Rs 1,729.17 crore, have been frozen. Earlier in the case, two Provisional Attachment Orders were issued, attaching assets worth Rs 142.86 crore. In total, the ED has seized, frozen, or attached proceeds of crime worth approximately Rs 2,295.61 crore.
In a breakthrough development, ED investigators uncovered that substantial funds generated from the betting business were being funneled into the stock market through a network of dummy companies. These companies, operated by several accused and absconding associates, were reportedly used to divert Rs 423 crore into stock portfolios as of February 29, 2024. Professional entry operators helped manipulate these funds, converting them into legitimate transactions through unlisted equity dealings, masking the illicit origins of the money.
So far, the ED has arrested 11 individuals in connection with the Mahadev Online Book betting case and has filed four Prosecution Complaints before the Hon’ble Special Court (PMLA) in Raipur. The investigation continues, with more arrests and seizures expected as financial probe authorities work to dismantle the syndicate’s operations and recover the illicit proceeds.
