Probe reveals promoters’ extensive links

The Economic Offences Wing (EOW), Raipur’s FIR, accessed exclusively by The Free Press Journal, details a network of partnerships involving the promoters of the Mahadev betting app. The investigation, based on a reference letter from the Enforcement Directorate (ED), allegedly reveals the involvement of Saurabh Chandrakar and Ravi Uppal with various betting syndicates. These syndicates operated several subsidiary apps both in India and overseas.

Key findings from the ED's investigation, as mentioned in the FIR, paint a picture of extensive collaborations in the online betting industry:

# According to the ED reference letter, Chandrakar, Uppal, and their close associates were identified as the real and original promoters of Mahadev Online Book, Reddy Anna App, and Reddy Club App.

The two were found to be business partners with Amit Majithia, known as Guru, in which was recently subjected to ED raids.

# Other partnerships mentioned in the FIR include Jannat Book with Sahil Talha, Mahakal Book with Harshit alias Tipper, Rajveer Online Book with Rajvir Singh, and Kheloyar Pakistan Online Book with Umesh.

Chandrakar, along with ED. The stocks, demat account, foreign direct investment, and foreign portfolio investment security holdings, collectively worth more than Rs580 crore, were frozen.

The FIR also mentioned the alleged involvement of the promoters of Mahadev app in Dimondexch.com, D247.com, W of 77.com, along with Rakesh Rajdev alias Rakesh Rajkot.

In the ED investigation, Chandra Bhushan Verma, an arrested accused and an assistant sub-inspector of the state Intelligence Bureau, reportedly revealed that the promoters of the Mahadev app paid around Rs81 crore in the past two years to police officials through him. The report also mentions that Satish Chandrakar, another accused, supports the credibility of Verma’s statement.