Investigation conducted in the matter has led to seizure/freezing of cash to the tune of Rs. 19.36 Crore, valuables totaling Rs. 16.68 Crore.
FinTech BizNews Service
Mumbai, 7 December, 2024: Directorate of Enforcement (ED), Raipur Zonal Office has issued a Provisional Attachment Order on 05.12.2024 under the provisions of Prevention of Money Laundering Act (PMLA), 2002 attaching additional assets worth Rs. 387.99 Crore in Mahadev Online Book case, as per the press release issued by the ED today. The attached assets are in the form of movable (Investment made by Mauritius based company, M/s Tano Investment Opportunities Fund related to Hari Shankar Tibrewal through FPI & FDI) and immovable property situated at Chhattisgarh, Mumbai and Madhya Pradesh held in the name of Promoters of the multiple betting app/websites, the panel operators and the associates of the promoters.
ED investigations revealed that M/s 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. Investigation conducted in the matter has led to seizure/freezing of cash to the tune of Rs. 19.36 Crore, valuables totalling Rs. 16.68 Crore. Additionally movable assets in the form of bank balance and securities having a total value of Rs. 1729.17 Crore have also been frozen.
Earlier, two Provisional Attachment Orders attaching assets worth Rs 142.86 Crore were issued in the subject case. Thus, the total Proceeds of Crime worth Rs. 2295.61 Crore (approx.) have been either seized/frozen/attached in this case. During the investigation, ED had arrested a total of 11 persons so far and has filed four Prosecution Complaints before the Hon’ble Special Court (PMLA), Raipur. Further investigation is in progress.
