Mahadev Betting App Case: ED Attaches Properties Worth ₹1,700 Cr

The Enforcement Directorate (ED) has attached properties worth ₹1,700 Cr in Dubai and New Delhi belonging to Sourabh Chandrakar, one of the promoters of Mahadev betting app scam. 

This included 18 luxury properties in Dubai, including expensive villas and apartments in locations like Dubai Hill Estate, Burj Khalifa, Business Bay and SLS Hotel & Residences, the ED said in a statement. Two properties in Delhi were also sealed under the Prevention of Money Laundering Act (PMLA). 

The properties belong to Chandrakar, who was arrested in UAE in 2024 after being named the mastermind behind the whole saga. They were held in the name of entities controlled by him and his associates including Vikas Chhaparia, Rohit Gulati, Atul Arora, Nitin Tibrewal and Surendra Bagri. 

They were found to have been bought from the proceeds of crime, which in this case was the whole operations of Mahadev Book and several other platforms, which facilitated illegal online betting operations.

The latest seizure has taken the total value of movable and immovable assets that have been frozen or seized in relation to the case to approximately ₹4,336 Cr.

As per the ED, its investigation revealed that Mahadev Book was operating as a “large-scale international betting syndicate”, facilitating illegal betting through multiple online platforms including Tiger Exchange, Gold365 and Laser247. The agency said that the operation was controlled from Dubai and structured through a franchise based network of panels or branches operated by associates across India. 

The main promoters retained 70-75% of the profit generated from the betting syndicate, while the remaining was distributed among the operators. The cash was laundered through a huge network of mules and dummy bank accounts opened using KYC documents of unsuspecting victims. 

“Subsequently, the illicit funds were transferred outside India through hawala channels, cryptocurrency transactions and complex financial layering mechanisms, and were eventually invested in high-value movable and immovable assets in the UAE and India,” the ED added. 

The agency has now searched over 175 premises across the country in relation to the case, which first came to light in October 2023. Additionally, 13 people in total have been arrested and a further 74 have been arraigned as accused in five prosecution complaints related to the case. 

The ED has also filed applications under the Fugitive Economic Offenders Act, 2018 against Chandrakar and his partner Ravi Uppal, along with associates Anil Agrawal, Atul Agrawal and Shubham Soni to declare them as fugitive economic offenders and seize their assets. 

Over the past few years, the Mahadev Book case has emerged as one of the most layered and high-valued illegal betting cases in the country. It is said to have defrauded Indian investors of ₹20,000 Cr, of which ₹1,100 Cr were diverted into the stock market through dummy accounts and fake bank entities.

It became even more popular with the alleged involvement of high profile individuals. The case also led to raids at multiple properties owned by EaseMyTrip’s Nishant Pitti, who later denied any involvement, and Chhattisgarh’s former chief minister Bhupesh Baghel.

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