Massive Seizure in Mahadev Betting App Case: 573 Crore Frozen

The Enforcement Directorate seizes securities and accounts worth Rs 573 crore linked to the Mahadev betting app case. Funds were moved abroad and reinvested in Indian markets. Incriminating documents and cash were also seized. Promoters allegedly manipulated stock prices with tainted funds.

The Enforcement Directorate (ED) has seized securities, bonds, and demat accounts totaling Rs 573 crore in connection with the Mahadev online betting app money laundering case. This follows fresh searches conducted in multiple cities including Delhi, Mumbai, Indore, and Chennai.

In a statement, the agency revealed that proceeds of crime from the betting platform were funneled out of India and then reinvested in Indian stock markets under foreign portfolio investments. The ED uncovered cash worth Rs 3.29 crore and various documents during the raids.

The Mahadev app gained notoriety when allegations surfaced linking high-profile politicians and bureaucrats to the illegal operations. Two main promoters are under scrutiny for manipulating stock prices using laundered funds. So far, 13 arrests have been made, with properties worth Rs 3,002 crore seized or frozen.

(With inputs from agencies.)