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Enforcement Directorate freezes ₹580 crore in Mahadev Online Book probe
The agency had, on Wednesday, carried out raids in Kolkata, Gurugram, Delhi, Indore, Mumbai and Raipur and had retrieved cash of ₹1.86 crore along with valuables worth ₹1.78 crore
The Enforcement Directorate (ED) has frozen proceeds of crime worth ₹580 crore after raids earlier this week in its money laundering probe into Mahadev Online Book.
The agency had, on Wednesday, carried out raids in Kolkata, Gurugram, Delhi, Indore, Mumbai and Raipur and had retrieved cash of ₹1.86 crore along with valuables worth ₹1.78 crore.
The agency said in a statement on Friday it has also “frozen/identified proceeds of crime worth ₹580.78 crore”.
“The searches also resulted in seizure of large number of incriminating evidences including digital data and identification of assets.”
Also Read: Mahadev Online Book investigation: Steps on for MOB co-promoter’s extradition
ED probe in the alleged ₹6,000 crore Mahadev case has revealed that the operations of Mahadev Online Book are being run from Dubai and it operates by franchising “panel or branches” to their known associates on 70%-30% profit ratio.
“The main promoters of Mahadev Online Book - Sourabh Chandrakar and Ravi Uppal - are also partner/promoter in multiple such online betting book like “Reddy Anna”, Fairplay” etc. Large scale hawala operations are done to siphon off the proceeds of betting proceeds to off-shore accounts,” the agency said.
In the course of further investigation, ED has identified other major players involved with the promoters of Mahadev Online Book.
“It was found that one Hari Shankar Tibrewal who hails from Kolkata but currently residing in Dubai, is a huge hawala operator and has partnered with the promoters of Mahadev Online Book. ED conducted searches at his known premises and at the premises of his associates. The searches revealed that Hari Shankar Tibrewal owned and operated one of the illegal betting websites viz. skyexchange. He 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 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. He was also involved in a large scale hawala movement of the betting funds,” the agency added.
Accordingly, it said, security holdings worth ₹580.78 crore in the name of the entities beneficially owned by Hari Shankar Tibrewal have been frozen by ED under PMLA 2002.
Earlier in this case, movable properties totalling ₹572.41 crore have been seized/frozen.
Overall, total attachment/freezing in the case stands at ₹1296.05 crore.
