The Enforcement Directorate (ED), Raipur zonal office has conducted search operations at Kolkata, West Bengal on Thursday under the provisions of the Prevention of Money Laundering Act (PMLA) in the Mahadev Online Book case. During the search operations, securities/ bonds/ DEMAT accounts worth Rs 130.57 crore were frozen, agency officials said on Friday.
The ED investigations have revealed that M/s Mahadev Online Book Betting APP, which is an umbrella syndicate arranging online platforms for enabling illegal betting websites to enroll new users, create user IDs and laundering of money through a layered web of benami bank accounts.
On December 6, ED Raipur arrested a Kolkata resident Govind Kumar Kedia under the provisions of the Prevention of Money Laundering Act (PMLA) in alleged connection with the Mahadev Online Book case. Kedia’s interrogation is linked to the ED’s search operations conducted on Thursday in Kolkata, West Bengal. Kedia is one sub-broker and he with the help of his entities and others, knowingly assisted the promoters of the Mahadev App and other accused persons, in introducing, investing and earning profits on proceeds of crime (POC) through various entities.
Earlier, ED conducted searches on the entities and residential premises of Kedia and froze investments of Rs 197 crore made in the Indian share market by Kedia, his family members and his entities.
Last week, the ED official issued a provisional attachment order under the PMLA, attaching additional assets worth Rs 387.99 crore. The attached assets were in the form of movable (investment made by Mauritius-based company, M/s Tano Investment Opportunities and immovable property situated at Chhattisgarh, Mumbai and Madhya Pradesh held in the name of promoters of the multiple betting app/websites, the panel operators and the associates of the promoters.
So far, ED has conducted searches at more than 110 premises in the case. Further, as a result of the investigation, immovable and movable assets valued at Rs 2426.18 crore have been seized/ frozen /attached in the case. ED has also arrested a total of 12 persons in the said case.
Investigation timeline
December 5
Searches conducted in Kolkata
Securities/bonds/DEMAT accounts worth Rs 130.57 crore frozen
December 6
Govind Kumar Kedia arrested under PMLA
Linked to assisting Mahadev App promoters
Previous action
Searches at Kedia’s premises revealed Rs 197 crore investments in the Indian share market linked to him and his entities
Provisional attachment of additional assets worth ₹387.99 crore, including investments by Mauritius-based entities and properties across Chhattisgarh, Mumbai, and Madhya Pradesh
