Mahadev app betting case ED-RPZO ATTACHES Rs 387.99 cr assets

Staff Reporter

RAIPUR,

■ Investments routed via Mauritius-based firm exposed as part of the Mahadev syndicate’s financial network, involving FPIs and FDIs.

■ Rs 423 crore siphoned into stock market portfolios using dummy companies and professional operators to mask illicit origins.

IN A significant stride against financial crimes, the Enforcement Directorate Raipur Zonal Office (ED-RPZO) has intensified its probe into the Mahadev Online Book betting syndicate by issuing a Provisional Attachment Order under the Prevention of Money Laundering Act (PMLA), 2002. The order, dated December 5th, has resulted in the attachment of assets worth Rs 387.99 crore, marking a critical phase in the agency’s ongoing crackdown on the illegal betting network. Among the attached properties are investments tied to Hari Shankar Tibrewal, one of the syndicate’s key accused, funneled through a Mauritiusbased entity, M/s Tano Investment Opportunities Fund.

These investments, layeredthroughForeignPortfolio Investment (FPI) and Foreign DirectInvestment(FDI)mechanisms, form part of a larger financial apparatus allegedly enabling the betting empire. Additionally, real estate in Chhattisgarh, Mumbai, and Madhya Pradesh, owned by the syndicate’spromoters and theirassociates,hasbeenconfiscated. The ED’s investigation revealed that Mahadev OnlineBookoperatedasacentralised platform, orchestrating illegal betting activities, creatingUserIDs,andemploying a web of benami bank accounts tolaunderproceeds.