The Enforcement Directorate has provisionally attached movable and immovable properties valued at around Rs 91.82 crore in the investigation of money laundering related to Mahadev Online Book and Skyexchange.com betting platforms. The ED’s Raipur Zonal Office froze bank balances totaling Rs 74.29 crore held by Dubai-based entities allegedly controlled by key accused individuals. Properties worth Rs 17.5 crore belonging to a close associate of Skyexchange.com’s owner were also attached, including high-value real estate and assets acquired through illicit betting proceeds.
The investigation uncovered that the platforms manipulated games to ensure users lost money, leading to significant illegal profits. These platforms facilitated user enrollment, financial transactions, and money laundering through various illicit means. Proceeds were sent abroad through illegal channels and reinvested in Indian stocks via foreign portfolio investors. The probe revealed a cashback scheme involving investments in listed companies, with significant returns to promoters.
One individual allegedly gained Rs 98 crore from these deals. The ED has undertaken searches at numerous locations, seizing assets worth approximately Rs 2,600 crore. Thirteen arrests have been made, with 74 entities named in prosecution complaints. The investigation sheds light on sophisticated laundering techniques used to evade taxes and regulations, as authorities work to dismantle the financial network of the syndicate.
