ED seizes Rs 4.2 crore cash and over Rs 10 crore in bank accounts in Mahadev betting app case

The Enforcement Directorate (ED) has seized cash, to the tune of nearly 4.2 crore in connection with Mahadev betting app case that surfaced in Chhattisgarh recently, sources said. The agency has also seized more than Rs 10 crore in bank accounts.

Sources privy to the development told Republic TV that the cash for meanth to be a "political delivery".

In October, ED filed its first chargesheet in connection with its money laundering investigation into the Mahadev betting app case.

The ED has named 14 persons in the prosecution complaint, including alleged main promoters of the Mahadev Book app Sourabh Chandrakar and Ravi Uppal besides Vikas Chhapariya, Chandrabhushan Verma, Satish Chandrakar, Anil Dammani, Sunil Dammani, Vishal Ahuja, Dheeraj Ahuja, Srijan Associates through Punaram Verma, Shiv Kumar Verma, Punaram Verma Shiv Kumar Verma, Yashoda Verma, Pawan Nathani.

Sourabh Chandrakar and Ravi Uppal had denied any wrongdoing. The projected proceeds of the alleged crime in this case is about Rs 6,000 crore, according to the sources.

The ED had earlier said its investigation has revealed Mahadev Book is run from a central head office in the UAE. It operates by franchising “panel/branches” to their known associates on 70-30 per cent profit ratio, it had said.

“Large scale hawala operations are done to siphon off the proceeds of betting to off-shore accounts. Large transactions in cash are also being done in India for advertising betting websites and self-aggrandisement necessary to attract new users and franchise (panel) seekers,” the agency said.