According to reports, the Mahadev app network operated unlawful betting and gambling websites and received payments through a number of panel operators throughout India. It was estimated that this scam is worth Rs 5,000 crore.
- It is alleged that many of its scammers or basically operators, created millions of fake user accounts, looted other participants and their deposits and later transferred these earnings to Mahadev App’s office in Sri Lanka, Australia, Caribbean and UAE. CM of Chhattisgarh has also been suspected in this triad, which indicates money laundering charges.
- This month, investors who had stakes in several smallcap and penny stocks that were linked to the multi-crore illicit betting organizations scam Mahadev Online Book have lost up to 37% of their money. Although more than thirty listed stocks were held by the alleged hawala operator Hari Shankar Tibrewala, based in Dubai, and affiliated businesses, at least six of them were forced to publicly clarify that they had no connection to the accused after share values crashed.
- The investigating agency announced on March 8 that it had frozen demat accounts connected to the primary suspect in the fraud, Hari Shankar Tibrewal, valued over ₹1,100 crore in stock market portfolios. The Enforcement Directorate discovered that many phony accounts and fictitious bank companies were being utilized to invest close to ₹1,100 crore in the stock market during its investigation into the Mahadev betting app case.
- Hari Shankar Tibrewal utilised his vast wealth to manipulate share prices temporarily, pushing them higher, and then remove money when the prices reached a desired level.
- The agency had previously claimed that the money purportedly obtained illegally through the Mahadev app was utilized to bribe officials and legislators in Chhattisgarh, the state from which the majority of the app’s operators and promoters are recruited.
- The ED has blocked or confiscated movable properties totaling ₹1764.5 crore thus far. In relation to the Mahadev betting app scam case, up to 11 suspects have been arrested.
