Dubai Executive temporarily reserves 18 immovable properties in Dubai and two properties in New Delhi with a value of approximately $1,700 crore in connection with the Mahadev online book betting case under the Prevention of Money Laundering Act (PMLA), officials said on Thursday. The seizure order was issued on March 24.
Officials said the assets are located in prime locations in Dubai and include luxury villas and apartments, including the Burj Khalifa. The properties are associated with Sourabh Chandrakar, one of the promoters of the Mahadev Online Book app. They have been booked in the names of Chandrakar and his associates, including Vikas Chaparia, Rohit Gulati, Atul Arora, Nitin Tibrewal and Surendra Bagre.
The ED cited its investigations and said that the associated assets were obtained using proceeds of crime generated from illegal online betting operations linked to the Mahadev platform and associated applications.
The investigation was initiated based on cases registered in Chhattisgarh, Andhra Pradesh and West Bengal under the Indian Penal Code and Prevention of Corruption Act against people allegedly associated with illegal betting platforms, including Mahadev Online Book and Skyexchange, and public officials.
Mahadev Online Book operates as an international betting syndicate, operating through multiple online platforms such as Tiger Exchange, Gold365 and Laser247, the CEO said. The network is organized through franchise-based ‘panels’ across India. The main promoters, including Ravi Uppal, operate from Dubai.
Investigators found that the promoters kept about 70-75% of the profits. The rest was distributed to operators. The proceeds were routed through bank accounts, transferred abroad via hawala and cryptocurrency channels, and invested in high-value assets in India and the UAE, officials said.
The ED conducted searches at over 175 locations across the country and arrested 13 people in the case. It has moved applications under the Fugitive Economic Offenders Act against Chandrakar, Uppal, Anil Agrawal alias Atul Agrawal and Shubham Soni, seeking them to be declared fugitive economic offenders and their assets seized.
Officials said the assets are worth approx $An amount of Rs 4,336 crore has been seized, seized or frozen so far in the case.
