ED seizes assets worth ₹387.99 crore in Mahadev Online Book bet | File photo



Mumbai: The Enforcement Directorate (ED) on Saturday said its zonal unit in Raipur has issued an interim 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 seized assets include investments linked to one of the suspects, Hari Shankar Tibrewal, through a Mauritius-based company, M/s Tano Investment Opportunities Fund. These investments, channeled through Foreign Portfolio Investment (FPI) and Foreign Direct Investment (FDI), are part of a broader financial network that facilitates gambling operations. Besides these investments, several properties in Chhattisgarh, Mumbai and Madhya Pradesh belonging to the syndicate promoters and their associates have also been seized.


The ED investigation has revealed that M/s Mahadev Online Book, an umbrella syndicate, operates online platforms for illegal betting. The syndicate’s activities include signing up new users, creating user IDs and laundering money through a complex web of benami bank accounts, further complicating efforts to track down the illicit money.


As part of the ongoing investigation, the ED has seized and frozen assets including cash worth Rs 19.36 crore and valuables worth Rs 16.68 crore. Moreover, movable assets such as bank balances and securities, totaling Rs 1,729.17 crore, have been frozen. Earlier in the case, two interim attachment orders were issued, seizing assets worth Rs 142.86 crore. In total, the ED has seized, frozen or confiscated proceeds of crime worth around Rs 2,295.61 crore.


In a groundbreaking development, ED investigators discovered that substantial funds generated from the gambling industry were being funneled into the stock market through a network of fake companies. These companies, managed by several accused and absconding associates, were allegedly used to convert Rs 423 crore into equity portfolios from February 29, 2024. Professional operators helped manipulate these funds, converting them into legitimate trades through unlisted stock trades, thereby masking the illegal trading. origin of the money.


So far, the ED has arrested 11 persons in connection with the Mahadev Online Book betting case and filed four chargesheets before the Hon’ble Special Court (PMLA) in Raipur. The investigation continues and more arrests and seizures are expected as financial investigation authorities seek to dismantle the syndicate’s activities and recover its illicit proceeds.






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