Raipur: The Enforcement Directorate (ED) has alleged that the network linked to the Mahadev Betting App generated nearly ₹43,000 crore in illegal proceeds over the past seven years through an extensive online betting and money laundering operation. As part of its ongoing investigation, the agency has attached assets worth ₹940.77 crore belonging to Delhi-based businessman Vikas Garg, currently lodged in Raipur jail, along with companies and entities allegedly associated with him. Investigators claim the network operated through thousands of online betting platforms, shell companies and complex financial channels to conceal the proceeds of crime.
According to the ED, the attached assets include residential properties, land parcels, equity shares, securities and other financial assets belonging to Vikas Garg, his family members and companies allegedly under his control. The agency has already filed five prosecution complaints (charge sheets) before the Special Court in Raipur against 74 accused individuals and entities in connection with the case.
The ED alleged that the betting syndicate, allegedly operated from Dubai, controlled more than 2,000 active online betting platforms across India. Investigators claim that each platform generated an estimated ₹30 lakh to ₹40 lakh in monthly net profit, with nearly 70–80% of the earnings allegedly being routed to the main syndicate through layered financial transactions.
According to the agency, betting platforms such as Mahadev Online Book, Reddy Anna and Fairplay allegedly earned ₹4,000 crore to ₹5,000 crore annually since 2019. The ED said these estimates are based on seized digital evidence, financial records and statements of alleged panel operators examined during the investigation.
The investigation has also revealed an extensive financial network allegedly involving over 750 shell companies used to move and disguise funds generated through illegal betting operations. According to the Directorate General of GST Intelligence (DGGI), the syndicate allegedly conducted financial transactions worth nearly ₹70,000 crore, leading to a suspected GST evasion of approximately ₹19,600 crore. Authorities are examining the financial records to determine the full extent of tax violations and money laundering activities.
The ED stated that it has already attached properties worth approximately ₹1,700 crore linked to Mahadev App promoter Sourabh Chandrakar and his associates. These include luxury assets located in Burj Khalifa, Dubai Hills Estate and Business Bay in Dubai. Separately, assets worth ₹21.45 crore belonging to another alleged promoter, Ravi Uppal, have also been attached. Additionally, assets valued at ₹388 crore linked to alleged hawala operator Harishankar Tibrewal of Kolkata have been provisionally attached as part of the investigation.
Investigators are continuing to examine digital evidence, banking records, shell companies and cross-border financial transactions to identify additional beneficiaries and trace the movement of funds. The agency is also probing the alleged use of hawala channels, corporate entities and overseas investments to conceal the proceeds generated through illegal betting operations.
According to renowned cybercrime expert and former IPS officer Prof. Triveni Singh, large-scale illegal betting syndicates increasingly rely on shell companies, layered financial transactions, digital payment systems and offshore networks to disguise criminal proceeds. He said such organised operations often involve sophisticated money-laundering techniques that make financial investigations highly complex. He advised citizens to avoid participating in unregulated betting platforms and urged them to report suspicious online gambling or financial activities to the appropriate enforcement authorities.
The ED said the investigation is continuing to identify additional assets, beneficiaries and financial intermediaries linked to the alleged betting syndicate. Authorities are also examining international financial transactions and overseas connections as part of efforts to dismantle the network and recover the proceeds of crime.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
