Raipur
The Enforcement Directorate (ED) has attached assets worth approximately Rs 92 crore belonging to several accused, including promoter Sourabh Chandrakar, in connection with the Mahadev online betting case. The action was taken under the Prevention of Money Laundering Act (PMLA).
According to officials, bank deposits worth Rs 74.28 crore were found under the names of Perfect Plan Investment LLC and Exim General Trading-GZCO. Investigations revealed these entities are linked to Sourabh Chandrakar, Anil Kumar Agarwal, and Vikas Chhapriya. Additionally, assets worth Rs 17.5 crore linked to Gagan Gupta, an alleged Dubai-based hawala operator associated with Skyexchange.com, have been attached.
The central agency stated that the Mahadev Online Book (MOB) and Skyexchange.com platforms were used to facilitate large-scale illegal betting. The ED revealed that the apps featured ‘rigged games‘ where outcomes were pre-decided to ensure customers lost money.
The syndicate allegedly moved these proceeds out of India through hawala networks, trade-based money laundering, and crypto assets. This capital was later re-invested into the Indian share market as Foreign Portfolio Investment (FPI).
Cashback racket unearthed
The ED has also exposed a “cashback” racket involving FPI companies. These firms invested heavily in listed Indian companies on the condition that promoters return 30% to 40% of the investment in cash. Officials claim Gagan Gupta gained at least Rs 98 crore through deals involving Salasar Techno Engineering and Tiger Logistics.
Extradition efforts and protection money
Promoters Sourabh Chandrakar and Ravi Uppal, both residents of Chhattisgarh, are currently in the UAE. The government of India is pursuing their extradition.
Separate investigations by the Economic Offences Wing (EOW) revealed that the promoters used a Chhattisgarh-based jeweller to distribute “protection money” to politicians and bureaucrats. Sunil Kumar Dammani, owner of Shri Abhushan Jewellers, allegedly received funds via hawala. These were then distributed through intermediaries including Chandrabhushan Verma and Rahul Vakte to shield the syndicate from legal action.
To date, the ED has filed five chargesheets and arrested 13 individuals in the case. Total assets seized or attached in this investigation now stand at approximately Rs 2,600 crore. While the EOW chargesheet mentions “bureaucrats and police officers” in general terms, no specific high-ranking officials have been named as accused in the latest court filings.
