ED Seizes ₹3.29-cr Cash, ₹573-cr Assets in Mahadev Betting Case
The Enforcement Directorate (ED) has made a significant breakthrough in the Mahadev online betting app case, seizing a staggering ₹3.29 crore in cash and freezing assets worth ₹573 crore. The multi-state raids, conducted by the ED, have uncovered a massive money laundering scheme involving the betting platform and its syndicates.
According to the ED, the proceeds of crime generated by the betting platform and its syndicates were moved out of India and invested in the Indian market in the name of Foreign Portfolio Investors (FPIs). The money laundering was accomplished through a complex web of benami bank accounts.
The ED’s investigation has revealed that the betting platform, Mahadev, had been operating illegally, accepting bets and transferring funds to various bank accounts. The authorities have identified a network of benami bank accounts, shell companies, and shell firms that were used to launder the proceeds of crime.
The seizures made by the ED include securities, bonds, and other financial instruments worth ₹573 crore, which are suspected to be proceeds of crime. The cash seized amounts to ₹3.29 crore, which is believed to be a portion of the illegal proceeds.
The ED has also identified multiple bank accounts, including those of FPIs, which were used to launder the funds. The authorities have frozen these accounts, preventing the accused from accessing the illegal proceeds.
The investigation has also revealed that the betting platform and its syndicates had been using sophisticated methods to conceal their illegal activities. They had created a complex web of transactions, using shell companies and shell firms to disguise the source of the funds.
The ED has identified several individuals and entities involved in the illegal betting racket and has initiated criminal proceedings against them. The authorities are working to trace and freeze the remaining assets and proceeds of crime, which are believed to be hidden in various parts of the country.
The Mahadev betting app case is one of the most significant cases of online betting and money laundering to have been uncovered in recent years. The ED’s actions are a significant step towards bringing the accused to justice and recovering the illegal proceeds.
The ED’s investigation has also highlighted the need for stricter regulations and oversight of online betting platforms. The authorities need to be vigilant in identifying and preventing illegal activities, including money laundering and tax evasion.
The Mahadev betting app case is a reminder of the importance of cooperation between law enforcement agencies and regulatory bodies to prevent and combat financial crimes. The ED’s actions are a testament to the agency’s commitment to tackling financial crimes and recovering illegal proceeds.
In conclusion, the ED’s seizure of ₹3.29 crore in cash and freezing of ₹573 crore in assets is a significant blow to the illegal betting racket and a step towards bringing the accused to justice. The case is a reminder of the need for stricter regulations and oversight of online betting platforms and the importance of cooperation between law enforcement agencies and regulatory bodies to prevent and combat financial crimes.
