Cyber Crime
Mastermind Behind Rs10,000 Crore Betting Scam Arrested in Dubai
Saurabh Chandrakar, the alleged mastermind behind the multicrore Mahadev Online Book scam related to money laundering, has been arrested, as reported. The Enforcement Directorate (ED) is expected to submit a formal extradition request soon, following the notification of the arrest on Thursday.
The proceeds of crime (PoC) associated with this case have been estimated at Rs10,000 crore, with projections suggesting that the national figure could be double that amount. PoC refers to the illicit gains generated from illegal activities as defined under the Prevention of Money Laundering Act (PMLA).
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Earlier this year, the ED uncovered that accounts linked to the Mahadev betting app played a significant role in laundering vast sums of money, including approximately Rs1,100 crore that was funneled into the stock market. The investigation also revealed the involvement of thousands of SIM cards and various methods employed to evade detection.
Operated from Dubai by its promoters, Saurabh Chandrakar and Ravi Uppal, the Mahadev betting app has attracted scrutiny from multiple investigative agencies. The app functioned as a central syndicate, facilitating illegal betting websites and laundering money through a complex web of proxy accounts. The international scope of the operation has posed significant challenges for authorities attempting to hold key figures accountable.
The ED’s charge sheet alleges that Chandrakar’s wedding took place in Ras Al Khaimah, UAE, in February 2023, with around Rs200 crore reportedly spent in cash for the occasion. Private jets were reportedly chartered to transport Chandrakar’s relatives from India to the UAE, and celebrities were compensated to perform at the wedding. The agency has also claimed that the illicit funds generated by the app were used as bribes for politicians and bureaucrats, leading to the summoning of numerous celebrities and Bollywood actors for questioning regarding their payment methods and connections to the online betting platform.