An ED investigation uncovered a vast network providing illegal betting in various games operated by Mahadev Online Book. Betting included poker, card games, cricket, badminton and tennis, and even extended to allowing bets on the Indian elections.
The platform also offered card games like “Teen Patti”, poker, “Dragon Tiger”, and virtual cricket games, among others. The platform has also been accused of match-fixing, money laundering through cryptocurrency, and rigging games to ensure profits for panel owners and heavy losses for players.
It has been revealed after the arrest of Suraj Chokhani, the Indian connection to the fugitive promoters of the Mahadev app, that through a betting website, ‘skyexchange’, Chokhani allegedly diverted Rs 423 crore (as on February 29) through companies under his directorship to stock portfolios.
The ED suspects most of these were small and mid-cap stocks.
The ED findings have come at a time when markets regulator Sebi’s chief Madhabi Puri Buch on Monday raised concerns over stretched valuations of small and midcap stocks, which are generally favoured by retail investors and have continued to enjoy their patronage through monthly purchase mandates to mutual funds built around such investment themes.
The probe has revealed Chokhani who was director in eight private companies — Ability Garnes, Brilliant Investment Consultant, Discovery Buildcon, Forest Vincom, Sawambhumi Vanijya, Dream Achievers Consultancy, Ability Smart Tech and Ability Ventures — used these companies to purchase shares.
