MUMBAI: The Enforcement Directorate (ED) has taken control of assets worth ₹387.99 crore in connection with the Mahadev Online Book betting app case. These include investments made by a Mauritius-based company called Tano Investment Opportunities Fund, linked to businessman Hari Shankar Tibrewal, as well as properties in Chhattisgarh, Mumbai, and Madhya Pradesh. These assets are said to belong to promoters and associates of the betting app, according to a press release from the ED.
The ED’s probe found that the Mahadev Online Book app is part of a large network involved in illegal betting. It allows users to register and create IDs, and handles money laundering through a web of fake bank accounts. The app was started by Saurabh Chandrakar and Ravi Uppal, who came into the spotlight after Chandrakar held a lavish wedding in Dubai last year. That wedding reportedly cost over ₹200 crore and featured performances by Bollywood stars.
Earlier this year, the ED said it found evidence in Kolkata linking Hari Shankar Tibrewal to stock market manipulation, along with some company promoters. According to the ED, Tibrewal used his huge financial resources to artificially inflate stock prices. Once the prices went up, he would pull his money out to make a profit.
So far, the ED has already seized assets worth ₹2,295 crore in the case, including ₹1,100 crore in shares held in demat accounts. Eleven people have been arrested, including Girish Talreja and Suraj Chokhani, who is believed to be closely connected to Tibrewal.
During raids in Kolkata at Chokhani’s and others’ locations, the ED found that Tibrewal-funded Indian companies were making stock market investments mostly with cash. These companies held securities worth ₹580 crore, while related overseas firms held another ₹606 crore in securities.
The ED also mentioned that the Mahadev Online Book operates out of Dubai. The main organisers offer franchise-like “panels” to their associates, who then share profits in a 70:30 ratio.
