The Enforcement Directorate (ED) has taken action by attaching properties valued at ₹1,700 crore located in Dubai and New Delhi. These assets are linked to Sourabh Chandrakar, a prominent promoter of the Mahadev betting app.
The seizure includes 18 luxury properties in Dubai, featuring high-end villas and apartments in prime areas such as Dubai Hill Estate, Burj Khalifa, Business Bay, and SLS Hotel & Residences. Additionally, two properties in New Delhi have been sealed under the Prevention of Money Laundering Act (PMLA).
Chandrakar, who was arrested in the UAE in 2024, is identified as the mastermind behind the Mahadev betting operations. The properties were registered under entities he controls, along with associates like Vikas Chhaparia, Rohit Gulati, Atul Arora, Nitin Tibrewal, and Surendra Bagri.
These properties were acquired using proceeds from illegal activities associated with the Mahadev Book and other platforms that facilitated online betting.
This latest action has increased the total value of assets frozen or seized in connection with this case to approximately ₹4,336 crore.
According to the ED, Mahadev Book operated as a significant international betting syndicate, enabling illegal betting through various online platforms, including Tiger Exchange, Gold365, and Laser247. The operation was managed from Dubai and utilized a franchise-based network across India.
Promoters retained 70-75% of the profits, while the rest was distributed among operators. Funds were laundered through a complex network of mules and fake bank accounts, often using KYC documents from unsuspecting individuals.
Illicit funds were subsequently transferred abroad via hawala channels, cryptocurrency transactions, and intricate financial layering, ultimately being invested in valuable assets in both the UAE and India.
The ED has conducted searches at over 175 locations nationwide since the case emerged in October 2023. Thirteen individuals have been arrested, with an additional 74 named as accused in five prosecution complaints.
Applications have been filed under the Fugitive Economic Offenders Act against Chandrakar and his associates to classify them as fugitive economic offenders and seize their assets.
The Mahadev Book case has become one of India's most complex and high-value illegal betting investigations, reportedly defrauding investors of ₹20,000 crore, including ₹1,100 crore funneled into the stock market through fraudulent accounts.
High-profile connections have further drawn attention to the case, leading to raids on properties linked to individuals like EaseMyTrip’s Nishant Pitti and Chhattisgarh’s former chief minister Bhupesh Baghel, who later denied any involvement.
