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ED investigations have revealed that Mahadev Online Book Betting App generated and laundered a substantial amount of Proceeds of Crime (POC) through a complex web of benami bank accounts. However, the Mahadev betting app's network extends beyond India to the UAE, Sri Lanka, Nepal, and Pakistan. The ED has frozen and seized assets worth Rs 417 crore in connection with the case and conducted searches across 39 locations in Raipur, Bhopal, Mumbai and Kolkata. The extradition of one of the two primary suspects arrested in relation to the Mahadev Betting App Case was put on hold after he went missing according to reports on Tuesday. Ravi Uppal, who was allegedly involved in a betting app scam worth Rs 40,000 crore, (among various other suspects) was arrested in 2023 by Dubai authorities. The Directorate of Enforcement (ED), investigating the Mahadev Betting app money laundering case, uncovered earlier this year how the mastermind of the betting network, Harishankar Tibrewal through Foreign Portfolio Investment (FPI) had invested in several listed Small and Medium Enterprises (SME) companies. The purpose of doing so was to manipulate stocks, artificially inflate the stock prices of SME companies in which FPI investments were made. Once the share prices rose, they were dumped ...
