MUMBAI: The Enforcement Directorate (ED) has seized assets valued at Rs 387.99 crore in the Mahadev Online Book case. The properties comprise investments by a Mauritius-based firm, Tano Investment Opportunities Fund, linked to Hari Shankar Tibrewal and real estate in Chhattisgarh, Mumbai and Madhya Pradesh, registered under various betting app promoters and associates, according to an ED press release.
The ED's investigation showed that Mahadev Online Book Betting APP operates as a syndicate that facilitates illegal betting websites for user registration, ID creation, and money laundering through complex networks of benami bank accounts. The Mahadev group, established by Saurabh Chandrakar and Ravi Uppal with their associates, attracted attention after Chandrakar's lavish Dubai wedding, costing over Rs 200 crore and featuring performances by Bollywood celebrities last year.
In March, the ED said investigations in Kolkata revealed Hari Shankar Tibrewal's involvement in stock market manipulation alongside company promoters. The ED said, "Hari Shankar Tibrewal, using his immense capital, used to create temporary fluctuations in share prices, driving them upwards, and then withdrew funds once the prices reached a desirable level."
The ED has previously secured assets worth Rs 2,295 crore, including shares valued at Rs 1,100 crore in demat accounts, and arrested 11 individuals, including Girish Talreja and Tibrewal's associate Suraj Chokhani.
The ED said that during searches at premises of Suraj Chokhani and others in Kolkata, it was found that share market investments were primarily funded through cash transactions in Tibrewal-controlled Indian companies. These Indian firms held securities worth Rs 580 crore, while associated foreign entities possessed securities valued at Rs 606 crore.
The ED has said that Mahadev Online Book is operated from Dubai and offers "Panel/Branches" franchises to associates, who receive a 70%-30% profit share.
Stay updated with the latest news on Times of India. Don't miss daily games like Crossword, Sudoku, and Mini Crossword.Vijay V Singh has worked for various print and online publication...
Read MoreVijay V Singh has worked for various print and online publications before joining The Times of Indiain 2008. He covers crime and takes a keen interest in criminology. His hobbies include travel (especially on bikes), reading and cricket.
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