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ED attaches fresh assets worth Rs 388 crore in Mahadev online betting case
08 Dec 2024, 12:07 AMThe ED has seized assets valued to the tune of Rs 2295.61 crore in this case.
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The Directorate of Enforcement (ED) has attached assets worth Rs 387.99 crore in connection with the Mahadev online betting case under Prevention of Money Laundering Act.
The attached assets are in the form of movable investment made by Mauritius based company Tano Investment Opportunities Fund, related to Hari Shankar Tibrewal through FPI and FDI, and immovable property situated at Chhattisgarh, Mumbai and Madhya Pradesh held in the name of promoters of the multiple betting app/websites, panel operators, and associates of the promoters.
ED investigations revealed that Mahadev Online Book Betting app which is an umbrella syndicate arranging online platforms for enabling illegal betting websites to enroll new users, create user IDs and laundering of money through a layered web of benami bank accounts.
The ED has seized assets valued to the tune of Rs 2295.61 crore in this case, including cash worth Rs 19.36 crore, valuables worth Rs 16.68 crore, and movable assets like bank balances and securities totalling Rs 1,729.17 crore.
Earlier, two provisional attachment orders covering assets worth Rs 142.86 crore were issued.
During the investigation, ED had arrested a total of 11 persons so far and has filed four Prosecution Complaints before the Special Court (PMLA), Raipur.
In November last year, the ED conducted searches against the money laundering networks linked with the alleged Mahadev Book Online Betting App, which led to the recovery of cash worth Rs 5.39 crore and a bank balance of Rs 15.59 crore.
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