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Mahadev Betting App Case: ED Probe Finds Dummy Companies Used To Funnel Funds Into Stock Market
Inc42
·
1y ago
Medial
The Enforcement Directorate (ED) has made arrests as part of its investigation into the Mahadev betting app scam in India. Girish Talreja and Suraj Chokhani were arrested for their alleged involvement in the scam. It has been revealed that Chokhani rerouted approximately INR 423 crore ($57 million) through fictitious companies to invest in the stock market via a betting website called "skyexchange." The ED suspects that a significant portion of these funds was channeled into small and mid-cap stocks. Authorities also discovered that the cash received through hawala channels was converted into bank entries for share investments.
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Mahadev Betting Scam: ED Arrests 2 More Accused, Probe Finds Manipulation Of Stocks
Inc42
·
1y ago
Medial
The Enforcement Directorate (ED) has arrested two more individuals, Girish Talreja and Suraj Chokhani, in connection with the Mahadev betting app scam. The ED launched an investigation based on FIRs filed by the Chhattisgarh Police and subsequently incorporated FIRs from the Visakhapatnam Police and other states. The probe revealed that Talreja has a stake in Lotus365, a sister concern of Mahadev Online Book, and is involved in illegal operations. The ED also discovered that Hari Shankar Tibrewal collaborated with the promoters of Mahadev Online Book in illegal betting activities and employed Chokhani to launder and disguise the proceeds of crime as share investments.
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EaseMyTrip CEO Nishant Pitti Under ED Scanner in Mahadev App Probe
StartupTalky
·
2m ago
Medial
EaseMyTrip CEO Nishant Pitti is under investigation by the Enforcement Directorate (ED) for alleged involvement in the Mahadev betting scam. The ED suspects Pitti's collaboration in manipulating stock prices of listed companies using proceeds from illegal betting activities linked to the Mahadev app. The agency retrieved INR 7 lakh from Pitti's residence, deemed as potential proceeds of crime. Despite refuting the allegations, digital evidence reportedly links Pitti to the betting operations.
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Chhattisgarh agency raids 29 places in Mahadev betting case
Inc42
·
1y ago
Medial
The Chhattisgarh Economic Offence Wing/Anti Corruption Bureau carried out raids at 29 locations across five districts as part of an investigation into the purported Mahadev betting app case. Earlier in March, the EOW/ACB initiated a case regarding the suspected Mahadev online betting case, prompted by a report submitted by the Enforcement Directorate (ED).
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EaseMyTrip co-founder Nishant Pitti under ED scanner in Mahadev App case
Entrackr
·
3m ago
Medial
The Enforcement Directorate (ED) on Wednesday carried out searches in multiple states as part of its probe into the Mahadev online betting app case, news agency PTI reported. The raids included the premises of EaseMyTrip founder and chairman Nishant Pitti. Citing unnamed officials, the report added that the searches were held in Delhi, Mumbai, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai, and Sambalpur. The ED is investigating alleged money laundering linked to the Mahadev app, which is said to have been used for illegal betting activities. The Mahadev app is reported to have provided platforms for creating user accounts, enrolling new users, and handling funds through fake bank accounts. The ED has earlier claimed that the app’s promoters, Sourabh Chandrakar and Ravi Uppal, are from Chhattisgarh. The agency has also said that many senior politicians and government officers from Chhattisgarh may be involved in the operation and money transfers connected to the app. This is not the first time the ED has conducted raids in this case. Earlier searches were also held at various locations as part of the ongoing investigation.
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EaseMyTrip denies direct or indirect association with Mahadev betting app
Entrackr
·
3m ago
Medial
EaseMyTrip on Thursday said that it has no direct or indirect connection with the Mahadev online betting app. This statement comes after the Enforcement Directorate (ED) conducted searches in multiple states on Wednesday as part of its ongoing investigation into the case. According to the company, the ED searched more than 50 locations linked to various individuals and businesses. One of these locations was the premises of EaseMyTrip’s founder and chairman Nishant Pitti. In a stock exchange filing, a company spokesperson said that EaseMyTrip is not connected to the Mahadev Betting App or any other betting platform. The company also said it will continue to cooperate with authorities during the investigation. The Mahadev app is alleged to have provided platforms for creating user accounts, enrolling users, and managing funds through fake bank accounts. The ED has previously identified Sourabh Chandrakar and Ravi Uppal—both reportedly from Chhattisgarh—as the main individuals behind the app. The agency also suspects that several senior politicians and government officials from Chhattisgarh may be involved in the app's operations and related money transfers. The investigation remains ongoing.
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Mahadev App Promoters Plan Relocating Their Base To Zimbabwe
Inc42
·
1y ago
Medial
The promoters of the Mahadev betting app, involved in a high-profile scam, reportedly planned to move their operations from Dubai to Zimbabwe. One of the arrested associates was sent to Zimbabwe to explore the possibility, as the country does not have explicit laws against online betting. The Enforcement Directorate's investigation also revealed that one of the promoters, Ravi Uppal, was arrested in the UAE following an Interpol Red Corner Notice. The agency has initiated extradition proceedings against him. The chargesheet filed by the ED includes details of dummy companies, stock market investments, and recovered evidence such as a laptop with detailed earnings records.
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Hari Shankar Tibrewala owned shares in these 14 companies. Now govt owns them.
Livemint
·
6m ago
Medial
The Enforcement Directorate (ED) has seized shares from Hari Shankar Tibrewala in 14 public companies amid an investigation into stock market manipulation linked to the illegal Mahadev Online betting app. Tibrewala allegedly used Dubai-based entities to manipulate stock prices and invest gambling proceeds in the Indian stock market via foreign portfolio investment. While some associated entities still hold shares, the probe mainly targets Tibrewala, raising concerns over small-cap stock market valuations.
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Mahadev Betting App Case: ED Files Fresh Chargesheet, Names 25 Accused
Inc42
·
1y ago
Medial
The Enforcement Directorate (ED) has filed a fresh chargesheet in the Mahadev online betting and gaming app case, involving politicians and bureaucrats from Chhattisgarh. The chargesheet lists 25 individuals and entities as accused, including Girish Talreja and Suraj Chokhani. The app, founded by Sourabh Chandrakar and Ravi Uppal, facilitated illegal betting websites and money laundering through a network of benami bank accounts. The case gained attention after Chandrakar's lavish wedding in Dubai, allegedly costing over INR 200 Cr. The ED has arrested 11 individuals so far and the court is expected to take cognizance of the chargesheet on May 4.
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Arrests continue in Mahadev Betting app case: Two with ‘Close’ links to other accused held
Inc42
·
1y ago
Medial
In relation to the Mahadev online betting app case, two individuals have been arrested by the Enforcement Directorate. The accused, Nitin Tibrewal from Kolkata and Amit Agrawal from Raipur, were apprehended under the Prevention of Money Laundering Act (PMLA). They were produced before a special court in Raipur and have been remanded to ED custody until January 17. The Mahadev app has been at the center of a gambling controversy, allegedly involving a sum of INR 15,000 Crore.
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Now, Actor Sahil Khan Detained In Mahadev Betting App Case
Inc42
·
1y ago
Medial
Bollywood actor Sahil Khan has been detained by Mumbai police in connection to the INR 15,000 Cr Mahadev online betting app case. Khan is one of 32 individuals charged with promoting the betting app. He has been sent to police custody until May 1. Khan is accused of promoting betting apps such as Lion Book and Lotus 24/7, which are connected to the Mahadev app. The Mumbai Crime Branch had summoned Khan and three others for questioning in December 2023 regarding their involvement in promoting the app.
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