Mahadev betting case: ED freezes securities, bonds, DEMAT accounts worth over Rs 573 crore

The Enforcement Directorate (ED), Raipur zonal office, conducted searches operations at various premises located in Delhi, Mumbai, Indore, other locations, seizing cash amounting to Rs 3.29 crore and freezing of securities/Bonds/DEMAT accounts worth more than Rs 573 crore.

"ED investigations have revealed that M/s Mahadev Online Book Betting APP (which is an umbrella syndicate arranging online platforms for enabling illegal betting websites to enrol new Users, create User IDs) have generated, derived and obtained huge amount of Proceeds of Crime (POC) and such POC was laundering through a complex web of benami Bank accounts," said the official statement of ED.

ED investigation revealed that the funds / POC generated by these betting platforms was being transferred out of India and later deployed in Indian stock market in the name of “foreign FPIs” (which are based out of Mauritius, Dubai etc.).


The probe agency further said that the investigation is underway to uncover the complete modus operandi of this stock price manipulations.

Further investigation is under progress.