- Enforcement Directorate attached Rs 1,700 crore assets in Mahadev betting app case
- Attachments include 18 Dubai properties and two in New Delhi linked to accused
- Properties include villas in Dubai Hills Estate and properties in Burj Khalifa
The Enforcement Directorate (ED) has attached fresh assets worth Rs 1,700 crore in the "illegal" Mahadev online betting app case. The attachments include 18 properties in Dubai and two in New Delhi.
According to the probe agency, the assets attached in Dubai comprise some of the world's most expensive and luxurious real estate. The list includes opulent villas and apartments within Dubai Hills Estate, specifically in premium communities such as Hills View, Fairway Residency, and Sidra, as well as high-end flats in Business Bay, luxury apartments at the SLS Hotel & Residences, and even properties located within the iconic Burj Khalifa.
The attached properties are linked to Saurabh Chandrakar, connected companies and associates. The illegal betting app was promoted by Chandrakar and his associate Ravi Uppal, both of whom hail from Chhattisgarh.
Investigation revealed that this betting network operated on a franchise model. Small-scale operators were established across the country under the guise of "panels" or "branches," through whom betting activities were conducted at the local level. These operators facilitated betting transactions and relayed the financial accounts to the prime accused. Approximately 70 to 75 per cent of the earnings went directly to the promoters, while the remainder was distributed among the operators.
A highly sophisticated method was employed for money laundering. Thousands of dummy bank accounts were opened using the KYC documents of ordinary citizens. Through these accounts, the money generated from betting was routed through multiple layers to conceal its true source. Subsequently, the funds were transferred abroad via hawala networks, cryptocurrencies, and shell companies. Ultimately, these funds were invested in high-value properties in Dubai and India.
The ED has so far conducted raids at over 175 locations across the country. Thirteen individuals have been arrested, and 74 people have been named as accused.
According to the ED, assets worth a total of Rs 4,336 crore have so far been attached, seized, or frozen in this case
