On April 16, the Enforcement Directorate (ED) Raipur Zonal Office conducted a comprehensive search under the Prevention of Money Laundering Act (PMLA) across locations in Delhi, Mumbai, Indore, Ahmedabad, Chandigarh, Chennai, and Sambalpur (Odisha) tied to the 'Mahadev Online Book Betting App Case'. This effort yielded a seizure of ₹3.29 crore in cash, along with the freezing of accounts exceeding ₹573 crore. Numerous incriminating documents and electronic records were also confiscated.
The ED search involved entities such as Vikas EcoTech Limited, JTL Industries, IITL (Industrial Investment Trust Limited), Ease My Trip, among others. Sources revealed that significant cash and solicited bonds were seized from Vikas EcoTech's premises, including critical documents unveiling connections between shell entities and the related firm, which remain under investigation.
Notice Issued for Investigation Participation
According to sources, ED officials have issued notices for individuals to appear at the ED Raipur Zone office to participate in the investigation and record statements. The investigation uncovered how Messrs. Mahadev Online Book Betting App acquired massive crime proceeds, which were laundered through a complex network of anonymous bank accounts. Further findings indicated that funds generated by these betting platforms were transferred abroad and later invested in the Indian stock market under foreign FPIs' names.
Funds were invested in certain companies, manipulating some SME sector securities' values and deceiving general investors. Such investments were identified and frozen during the investigation.
Evidence collected during searches illustrates how company promoters, with agents' assistance, conspired with the accused to inflate their company valuations, manipulating share prices with illicit funds. The ED has arrested 13 individuals in this case, and five prosecution complaints have involved 74 entities as accused. The investigation is ongoing.
