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Tag: Mahadev Betting App

  • EaseMyTrip CEO Nishant Pitti Under ED Scanner in Mahadev App Probe

    The Enforcement Directorate (ED) has reportedly expanded its probe into the matter, putting cofounder Nishant Pitti of the online travel aggregator EaseMyTrip under suspicion, a month after the company formally denied any affiliation with the Mahadev app or any other betting platform.

    Pitti is suspected of working with a group of operators who reportedly utilised the money made from the illicit betting business to manipulate the stock prices of 25 listed companies in which the promoters of those companies were involved, according to a media report.

    In addition, during its raids last month, the ED allegedly retrieved INR 7 lakh from Pitti’s home, which is regarded as possible proceeds of crime (PoC). It is noteworthy that as part of the money laundering probe into the INR 20,000 Cr Mahadev betting case, the ED conducted raids at other Pitti-related venues last month.

     Despite acknowledging in public that ED searched more than 50 places, including the Easemytrip location, the travel tech platform claimed to have “no direct or indirect association with the Mahadev Betting App or any other betting platform.”

     But according to a recent media source, the ED made four accusations against Pitti in its submission to the adjudicating authority (AA).

    ED’s Allegations on Pitti

    Pitti was allegedly aware of the activities of the betting website Sky Exchange, which was connected to the Mahadev app, according to the investigating agency. Additionally, it claimed that Pitti’s company paid two shell corporations associated with the software.

    The recovery of INR 7 lakh from Pitti’s home and his alleged interaction with an operator who conspired with promoters of listed firms to manipulate stocks are the two additional accusations. With eight earning members at home and more than INR 1,000 Cr in IT returns, Pitti has reportedly refuted the accusations once more and told a media outlet that the company’s declared cash in hand is more than INR 70 Lakh.

    “The INR 7 lakh that was recovered is a small portion of our declared cash and is tiny in comparison to our income,” Pitti stated. In the meantime, digital information found on Prashant Bagri’s laptop establishes Pitti as a Sky Exchange agent, per the ED’s application. Bagri works with one of the main defendants in the lawsuit.

    According to reports, ED further points out that Nischay Trading Private Ltd. and Silvertoss Shoppers Pvt. Ltd., which have been identified as entry-providing organisations, received payments from Easy Trip Planners Ltd. in 2021. The ED claims that Easy Trip Planners Ltd. and Pitti handled the proceeds of crime connected to Sky Exchange based on this evidence.

    What was Mahadev App Scam?

    The lavish wedding of Sourabh Chandrakar, one of the marketers of the Mahadev Online Betting app, in Dubai, which cost more than INR 200 Cr, brought attention to the Mahadev betting app scam in 2023. With 10 million users at its height, the app, which was operated by Chandrakar and Ravi Uppal, let users place real-time bets on sports like tennis, cricket, and football.

    Later, a number of celebrities were engaged in the case, including Hina Khan, Huma Qureshi, Shraddha Kapoor, and Ranbir Kapoor. The Mahadev app online betting fraud was exposed by the ED during a crackdown that began months later.

    Following investigations, the ED discovered that INR 1,100 Cr of the estimated INR 20,000 Cr in total profits of the crime had been transferred into the stock market using fictitious bank firms and dummy accounts.

    The ED had previously claimed that Bhupesh Baghel, the former chief minister of Chhattisgarh, had accepted kickbacks from the Mahadev app’s developers totalling more than INR 500 Cr.

  • EaseMyTrip Denounces Connections to the Mahadev Betting App Following ED Raids

    Regarding the Enforcement Directorate’s raids on its property in relation to the Mahadev betting app case, online travel aggregator (OTA) Easemytrip has provided an explanation. EaseMyTrip denied any affiliation with the Mahadev app or any other betting site in a statement released today. According to information in the public domain, the Enforcement Directorate (ED) searched more than 50 places belonging to different individuals and corporations. The EaseMyTrip premises was one of them. According to a corporate spokeswoman, EaseMyTrip is entirely committed to working with the authorities during the inquiry, even though the company has no direct or indirect affiliation with the Mahadev Betting App or any other betting platform. The statement was made a day after it was reported that the central investigative agency, ED, had raided multiple locations nationwide connected to Nishant Pitti, the co-founder and Chairman of EaseMyTrip. The ED’s money laundering investigation into the Mahadev betting scam, which defrauded unsuspecting investors of an astounding INR 20,000 Cr, included the searches.

    No Conducive Evidence Found

    According to a fresh agency report, investigators investigating the case said that no serious proof has been discovered so far during the searches at locations connected to EaseMyTrip. As part of its ongoing money laundering probe into the INR 20,000 Cr Mahadev betting case, ED is reportedly conducting raids at multiple sites throughout the nation connected to Nishant Pitti, co-founder and Chairman of online travel aggregator EaseMyTrip. According to a media house, which cited sources, the raids are presently taking place in 15 different places in India, including Delhi NCR, Mumbai, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai, and Sambalpur. The Mahadev app was operated by Saurabh Chandrakar and Ravi Uppal, according to the ED’s probe. It enabled users to place real-time wagers on sports including tennis, football, and cricket. At its height, the app had close to 10 million users. The ED previously claimed that Bhupesh Baghel, the former chief minister of Chhattisgarh, had collected kickbacks from the Mahadev app’s developers of more than 500 Cr. Baghel, however, denied these allegations, calling them attempts to damage his reputation.

    What Exactly is Mahadev Betting Scam?

    One of the largest illicit betting schemes in India was the Mahadev Online Book app, which cheated Indian investors out of over INR 20,000 Cr. The Mahadev app was blocked by the Ministry of Electronics and Information Technology (MeitY) in 2023 for breaking the nation’s money laundering regulations. Through questionable banking practices or “hawala” transactions, the app was being used to launder money between India and Dubai, according to the ED’s probe. An estimated INR 20,000 Cr was obtained from the crime in this instance; of that amount, INR 1,100 Cr was transferred into the stock market using fictitious bank firms and dummy accounts. After Chandrakar’s extravagant wedding ceremony in the United Arab Emirates garnered media attention in February 2023, the Mahadev betting app scam was exposed. At least six Indian superstars were paid to perform at the wedding, which cost about INR 200 Cr. Chandrakar’s relatives were transported from India by private aircraft. According to reports, the investigation team later arrested about a dozen people in connection with the money laundering case involving the Mahadev Book app and frozen funds totalling more than INR 1,700 Cr. According to sources, Chandrakar, the suspected mastermind of the Mahadev betting fraud, was taken into custody in the United Arab Emirates in October of last year.

  • Case Involving the Mahadev Betting App: UAE Officials Arrested Mastermind Saurabh Chandrakar

    According to various media reports, Saurabh Chandrakar, the suspected mastermind of the multimillion-dollar Mahadev Online Book scam, has been arrested by UAE officials on suspicion of money laundering.

    A formal request for extradition is anticipated to be sent shortly by the Enforcement Directorate. The sources went on to say that on September 9, 2024, the arrest was reported to the investigative agency. The estimated amount of proceeds of crime (PoC) is INR 10,000 crore; however, if an all-India assessment is produced, the number may be substantially higher. Tainted gains resulting from illicit acts that are under the purview of the Prevention of Money Laundering Act (PMLA) are referred to as PoC in the context of money laundering.

    Details of The Case

    Large-scale money laundering through the app’s activities was found to be facilitated by these accounts earlier this year, with the share market alone receiving about INR 1,100 crore in funds. It is estimated that the fraud also uses thousands of SIM cards in addition to other covert methods to avoid discovery.

    Many investigative organisations have taken notice of the Mahadev betting app, which is operated by its promoters, Saurabh Chandrakar and Ravi Uppal, out of Dubai. Using a complex network of unregistered accounts, the app functioned as an umbrella syndicate, offering venues for unlicensed betting websites and money laundering services. Authorities’ attempts to prosecute the main actors have been hampered by the app’s global activities.

    What Charge Sheets State?

    In this instance, the ED has so far taken 11 people into custody. The agency has also so far filed two charge sheets, one of which is directed at the two promoters. The agency estimates that the proceeds of crime in this case are around INR 6,000 crore. In its charge sheet, the ED claims that Chandrakar got married in Ras Al Khaimah, United Arab Emirates, in February 2023, and that the wedding cost was over INR 200 crore “in cash.”

    According to the agency, celebrities were paid to perform at the wedding, and private jets were rented to transport Chandrakar’s relatives from India to the United Arab Emirates. It had demanded to know the payment method and the connections between the online betting platform and numerous celebrities and Bollywood actors, alleging that the app’s purportedly illicit earnings were given as bribes to state officials and politicians.

    Further Details of the Investigation

    The Mahadev Online Book App is managed from a central head office in the United Arab Emirates, according to the ED’s investigation. It makes money by franchising “panels/branches” to familiar partners at a profit ratio of 70–30%. Huge-scale hawala operations are carried out in order to divert betting profits to offshore accounts.

    According to the ED, a significant amount of money is also being spent in India to advertise betting websites in an effort to draw in new customers and franchise (panel) aspirants. The company’s founders are from Chhattisgarh’s Bhilai.

    India Seeks FATF Control for Online Gaming to Reduce Risks of Money Laundering
    As per a report published by a media house, India is actively advocating for the inclusion of online gaming companies within the framework of the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) systems.
    StartupTalkyNitin Konde