In a major crackdown on illegal online betting operations, the Enforcement Directorate (ED) has provisionally attached assets valued at approximately Rs 91.82 crore linked to the Mahadev Online Book (MOB) and Skyexchange.com apps. The action is part of an ongoing money laundering investigation being conducted by the agency's Raipur zonal office.
Details of the Latest Attachment
The attachment, carried out under the Prevention of Money Laundering Act (PMLA), targets what the agency describes as "proceeds of crime." These funds were allegedly routed through a complex web of shell companies, hawala networks, and foreign portfolio investments before being integrated back into the Indian financial system.
A significant portion, Rs 74.28 crore in bank balances, has been frozen. These funds were held in the names of two entities: M/s Perfect Plan Investment LLC and M/s Exim General Trading – GZCO. The ED states these companies are linked to alleged Mahadev app promoter Saurabh Chandrakar and his associates Anil Kumar Agarwal and Vikas Chhaparia. The companies were allegedly used to disguise illicit betting income as legitimate overseas investments.
Separately, properties worth Rs 17.5 crore have been attached in the name of Dubai-based hawala operator Gagan Gupta. Gupta is identified as a close associate of Hari Shankar Tibrewal, the alleged owner of Skyexchange.com. The attached assets include high-value real estate and liquid holdings held in the names of Gupta's family members, purportedly bought with cash from illegal betting operations.
Modus Operandi of the Betting Syndicate
According to the ED's investigation, apps like Mahadev Online Book and Skyexchange generated massive illegal profits by hosting large-scale online betting and gambling. The Mahadev Online Book application allegedly served as a back-end platform to onboard customers for various betting sites and manage their finances.
Investigators claim the games were rigged, ensuring customers ultimately lost money. The syndicate collected thousands of crores of rupees, distributing the profits on a pre-decided sharing basis.
To launder the money, the network used a series of benami bank accounts opened with fabricated or stolen KYC documents. Transactions were kept off official accounting books and not reported to tax authorities. Funds were sent out of India via hawala, trade-based money laundering, and crypto-assets, only to be routed back as Foreign Portfolio Investment (FPI).
The Sophisticated Cashback Racket
A key discovery in the probe is an elaborate "cashback" scam linked to this FPI loop. ED alleges that FPI entities would invest heavily in listed Indian companies. In return, the promoters of these companies were required to secretly pay back 30–40% of the investment amount in cash.
Gagan Gupta has been identified as a beneficiary of at least Rs 98 crore from such cashback transactions, involving deals linked to Salasar Techno Engineering Ltd and Tiger Logistics Ltd.
Wide-Ranging Probe and Political Links
The alleged promoters of Mahadev Online Book, Saurabh Chandrakar and Ravi Uppal, both originally from Chhattisgarh, are believed to be based in the UAE. The Union government is pursuing their extradition.
ED describes Mahadev as an "umbrella syndicate" providing end-to-end illegal services. The agency has also indicated that several high-profile politicians and bureaucrats from Chhattisgarh are under scrutiny for suspected payoffs and protection money linked to the network.
So far, the ED has conducted searches at over 175 premises across multiple states. Total assets seized, frozen, or attached in the case now stand at around Rs 2,600 crore. The agency has arrested 13 persons, and 74 entities (individuals and companies) have been named as accused in five prosecution complaints filed before the PMLA court.
