Mahadev promoters accused of illegal betting

The promoters of Mahadev Book App have been accused of earning Rs 450 crore every month through illegal betting. The Enforcement Directorate (ED) has claimed that the promoters of Mahadev Book App have earned Rs 450 crore every month by offering illegal bets through the online application. ED has said in its prosecution complaint that a large part of this amount has been invested in the Indian stock market through Foreign Portfolio Investment (FPI). The Enforcement Directorate has expressed apprehension of a scam of more than Rs 5,000 crore.

Accused took citizenship:

According to The Economic Times, ED has repeatedly summoned the main accused Saurabh Chandrakar and Ravi Uppal. ED has also issued non-bailable warrant against them and has written a letter to CBI asking them to issue Red Corner Notice against both of them. However, investigation has revealed that both of them have acquired citizenship of Vanuatu, a country between Papua New Guinea and Fiji. According to the website of the Ministry of External Affairs, there are good relations between India and Vanuatu. However, it is not yet clear whether there is any treaty between the two countries to punish the absconding accused.
The Directorate of Investment Enforcement through FPI has searched the premises of Vikas Chhaparia and his associates Govind Kedia and Amit Saraogi. Vikas Chhaparia handled all hawala related operations for Mahadev Book App. The search action has yielded information about three companies beneficially owned by Chhaparia which were investing in India through FPI. Mahadev Book was running the business through a franchise model in which the panels are outsourced in a 70-30 percent profit sharing ratio. The Panel Operator is solely responsible for the receipt of funds, payment and management of the use of UserID coins. The charge sheet states that they transfer the share of Mahadev’s head office through hawala channels.