Mahadev Online Betting Scam: History of a Rs 250 Crore Foreign Wedding

The Mahadev betting scam is one of the largest online betting scams ever unearthed in India. In 2023, the Enforcement Directorate (ED) launched an investigation into a lavish Rs 250 crore wedding in the UAE, attended by several Bollywood celebrities. The investigation soon revealed that the wedding was funded by the owners of the Mahadev online betting app, Sourabh Chandrakar and Ravi Uppal.

The Mahadev betting app was allegedly being used to enroll new users, create user IDs, and launder money through a layered web of Benami bank accounts. The ED estimates that the monetary value of the scam has already reached Rs 5,000 crore and may rise further as the investigation progresses.

 

History of the Mahadev Betting Scam

The Mahadev betting scam is believed to have been operating for several years before it was unearthed in 2023. Chandrakar and Uppal are suspected to have started the betting app in 2019. The app quickly gained popularity among Indian users, due to its aggressive advertising campaigns and its promise of easy money.

The Mahadev betting app offered a variety of betting options, including cricket, football, and other sports. The app also offered casino games and other forms of gambling. The app was available for download on both Android and iOS devices.

 

How the Mahadev Betting Scam Worked

The Mahadev betting scam worked by luring users into placing bets on sporting events and casino games. The app offered users a variety of bonuses and incentives to place bets. The app also used a variety of techniques to keep users betting, even when they were losing money.

The Mahadev betting app also used a variety of money laundering techniques to hide the proceeds of the scam. The app used Benami bank accounts, hawala operators, and other methods to launder money.

 

 

The Lavish Wedding That Raised Eyebrows

 Sourabh Chandrakar's Rs 250-crore wedding in the UAE was nothing short of a spectacle. The event was a star-studded affair that made headlines globally. However, it wasn't just the glitz and glamour that caught the authorities' attention. The extravagant celebration became the starting point for a deep and intricate investigation into alleged financial wrongdoing.

 

Unearthing the Alleged Hawala Operations

As investigators began to dig deeper into the source of funds for this lavish wedding, they stumbled upon a web of alleged hawala operations. Hawala is an illegal system of money transfer often used to circumvent traditional banking channels. The suspicion was that the funds used for the wedding might have been funneled through these illicit channels.

 

Dubai as the Operational Hub

The company behind the Mahadev online betting app, promoted by Sourabh Chandrakar and Ravi Uppal, was reportedly running its operations from Dubai. It is alleged that the app was used not only for illegal betting but also for enrolling new users, creating user IDs, and laundering money through a complex network of Benami bank accounts.

 

The Enormous Scam Value

The scale of the Mahadev Betting Scam is staggering. The monetary value of the scam is estimated to have already reached Rs 5,000 crore, and this figure may continue to rise as the investigation unfolds. This highlights the magnitude of the alleged fraudulent activities that have come to light.

 

The Role of Shell Companies

In their pursuit of laundering money, Chandrakar and his associates are said to have employed at least 70 shell companies. Shell companies are often used to conceal the true ownership and movement of funds in illegal financial schemes, making it even more challenging for authorities to trace the illicit flow of money.

 

Seeking Global Cooperation

To tackle this complex international financial fraud, the Enforcement Directorate (ED) is likely to seek cooperation from global anti-money laundering agencies. This demonstrates the gravity of the situation and the need for a coordinated effort to bring the culprits to justice.

 

 

Impact of the Mahadev Betting Scam

The Mahadev betting scam has had a significant impact on the Indian economy. The scam has resulted in the loss of billions of rupees. The scam has also damaged the reputation of the Indian online gaming industry.

 

Current Status of the Mahadev Betting Scam

The Mahadev betting scam is still under investigation. The ED has arrested several people in connection with the scam.

The Mahadev betting scam is a reminder of the dangers of online gambling. It is important to be aware of the risks involved in online gambling before placing any bets. It is also important to gamble responsibly and to only gamble with money that you can afford to lose.