₹3,800-Crore Assets Attached in Mahadev Betting App Probe as ED Intensifies Money Laundering Crackdown
The Enforcement Directorate (ED) has attached movable and immovable assets worth approximately ₹940.77 crore in the ongoing Mahadev Online Book illegal betting app money laundering investigation. With the latest provisional attachment, the cumulative value of assets attached, seized, or frozen in the case has risen to nearly ₹3,800 crore, making it one of India’s largest financial crime investigations under the Prevention of Money Laundering Act (PMLA).
According to the ED, the newly attached assets belong to Delhi-based businessman Vikas Garg, his family members, and entities allegedly owned or controlled by him. The properties include residential real estate, land parcels, equity shares, securities, and other financial assets that investigators claim represent proceeds of crime generated through the Mahadev Online Book and Skyexchange betting networks.
The agency alleges that the illegal betting syndicate operated through a franchise-based panel system from overseas, enabling widespread online gambling while generating illicit proceeds exceeding ₹450 crore every month. Investigators claim that the funds were layered through shell companies, accommodation entries, and multiple business entities before being invested in legitimate-looking assets to conceal their origin.
The ED’s investigation originated from multiple FIRs registered by police authorities in Chhattisgarh, Andhra Pradesh, and West Bengal against the operators, promoters, and associates of the betting platform. Several prosecution complaints have already been filed before the Special PMLA Court in Raipur, which has taken cognisance of the alleged offence of money laundering. Further investigation into the financial trail and associated entities remains underway.
The Mahadev Online Book case has evolved into a multi-agency investigation with international dimensions, involving alleged cross-border hawala transactions, offshore operations, and overseas accused. Recent developments have also included efforts by Indian authorities to secure the extradition of key accused, including alleged promoter Saurabh Chandrakar, as investigators continue to trace assets and financial networks linked to the betting syndicate.
