TIGHTENINGits grip on what is being described as one of the most expansive illegal betting networks to surface in recent years, the Enforcement Directorate, Raipur Zonal Office (EDRPZO), has provisionally attached assets worth nearly Rs 1,700 crore spread across India and the United Arab Emirates in connection with the Mahadev Online Book case. Officials indicate that the actual market valuation of several prime overseas properties, particularly in Dubai, could run into significantly higher figures based on prevailing international real estate benchmarks. The action, formalised through a Provisional Attachment Order dated March 24 under the Prevention of Money Laundering Act (PMLA), 2002, covers 18 immovable properties in Dubai and two in New Delhi. Investigators indicate that the overseas assets are located in some of Dubai’s most premium real estate clusters, including Dubai Hills Estate, Business Bay, SLS Hotel and Residences, and even the iconic Burj Khalifa.

 

According to the ED, these high-value villas and apartments are linked to Sourabh Chandrakar, identified as a key promoter of the Mahadev Online Book betting application, and are held in the names of entities controlled by him and his close associates, including Vikas Chhaparia, Rohit Gulati, Atul Arora, Nitin Tibrewal and Surendra Bagri. The probe agency has traced the acquisition of these properties to proceeds of crime generated through largescale illegal online betting operations. The investigation, which stems from multiple FIRs registered in Chhattisgarh, Andhra Pradesh and West Bengal under provisions of the Indian Penal Code and the Prevention of Corruption Act, points to a deeply entrenched syndicate operating across jurisdictions. Officials said that the Mahadev Online Book functioned as a transnational betting enterprise, leveraging multiple digital platforms such as Tiger Exchange, Gold365 and Laser247. The syndicate reportedly operated through a franchise-based model, wherein local operators ran betting ‘panels’ across India, while the core command remained with promoters operating from Dubai. Financial trails uncovered during the probe suggest that nearly 70 to 75 per cent of the profits were retained by the main promoters, with the remainder distributed among panel operators.

 

The illicit earnings were then systematically layered through thousands of mule bank accounts created using unsuspecting individuals’ KYC credentials. Subsequently, funds were siphoned out of the country through hawala routes, cryptocurrency channels and complex financial layering before being reinvested into high-end real estate and other assets abroad and within India. The ED has so far conducted searches at over 175 locations nationwide. Thirteen individuals have been arrested, while 74 accused have been named in five prosecution complaints filed before the Special PMLA Court in Raipur. Proceedings under the Fugitive Economic Offenders Act have also been initiated against key accused, including Chandrakar and Ravi Uppal. “With cumulative attachments, seizures and freezing of assets in the case now pegged at approximately Rs 4336 crore, the agency remains committed to dismantling the illegal betting ecosystem and its international financial network. Further investigation is underway, with efforts focused on tracing absconding accused and expanding the asset trail,” a senior official of ED-RPZO, privy to the entire process, told ‘The Hitavada’.