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6d ago

ED Uncovers Stock Market Manipulation in ₹6,000 Crore Mahadev Betting Scandal

Recent raids seized ₹3.29 crore in cash and froze ₹573 crore in securities as investigations reveal laundering of betting proceeds through offshore accounts and SME stock manipulation.

ED has claimed that the Mahadev app ‘betting empire’ is still operating more than 3,200 (betting) panels in different cities which generate around ₹40 crore per day. (Representational image)

Overview

  • The Enforcement Directorate (ED) has uncovered that proceeds from the Mahadev betting app were laundered through benami accounts, transferred abroad, and reinvested in Indian SME stocks via foreign portfolio investors.
  • Recent multi-city raids on April 16 led to the seizure of ₹3.29 crore in cash and the freezing of securities, bonds, and demat accounts worth ₹573 crore.
  • Investigations revealed that promoters of some listed companies collaborated with the accused to manipulate share prices using tainted funds disguised as preferential share issuances and other transactions.
  • The Mahadev app network, still operational, runs over 3,200 betting panels across India, generating an estimated ₹40 crore daily.
  • Extradition efforts are ongoing for Dubai-based promoters Sourabh Chandrakar and Ravi Uppal, while the CBI continues to probe former Chhattisgarh Chief Minister Bhupesh Baghel's alleged involvement.