ED Attaches Assets Worth ₹91.82 Crore in Mahadev and Skyexchange Illegal Betting and Money Laundering Case

Raipur, January 7 The Enforcement Directorate (ED) has provisionally attached movable and immovable assets worth ₹91.82 crore in connection with its ongoing investigation into illegal online betting operations linked to Mahadev Online Book and Skyexchange.com. The action has been taken by the ED’s Raipur Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, officials said on Wednesday. According to the ED, the attached assets are believed to be proceeds of crime generated through large-scale illegal betting activities and subsequently laundered through a complex network of domestic and international channels. The investigation has revealed that these platforms allegedly ran organised betting operations that generated massive illegal profits over a prolonged period. The latest attachment includes bank balances amounting to ₹74.28 crore held in the names of two foreign-linked entities, M/s Perfect Plan Investment LLC and M/s Exim General Trading–GZCO. The ED said these entities are linked to accused persons Sourabh Chandrakar, Anil Kumar Agarwal and Vikas Chhaparia. Investigators allege that these firms were used to conceal illegal earnings and project them as legitimate foreign investments routed into India. In addition to bank balances, the ED has also attached properties worth ₹17.5 crore belonging to Gagan Gupta, who is described as a close associate of Skyexchange.com owner Hari Shankar Tibrewal. These assets include high-value real estate and liquid investments held in the names of Gupta’s family members. The agency claims these properties were acquired using cash generated from illegal betting operations. The ED said its investigation has uncovered how platforms such as Mahadev Online Book and Skyexchange.com functioned as large-scale betting ecosystems. The Mahadev Online Book application allegedly acted as an umbrella platform that helped several illegal betting websites and mobile applications onboard users, manage betting activities and handle financial transactions. Officials said the design of these platforms ensured consistent losses for users, allowing operators to generate steady illegal profits. Investigators further revealed that thousands of crores of rupees were collected and distributed through structured profit-sharing arrangements among promoters, agents and associates. To launder these funds, fabricated or stolen Know Your Customer (KYC) documents were allegedly used to open benami bank accounts. These accounts were then used to layer and disguise illicit funds, keeping them outside the tax system and regulatory oversight. The probe has also exposed cross-border money laundering practices. According to the ED, illegal funds were moved through hawala channels, trade-based money laundering and the use of cryptoassets. These funds were allegedly routed back into India through foreign portfolio investors and invested in the stock market, making the money appear clean and legitimate. Officials said a so-called “cashback” scheme was also uncovered during the investigation. Under this arrangement, company promoters were allegedly required to return 30 to 40 per cent of foreign portfolio investments in cash. The ED claims that Gagan Gupta received at least ₹98 crore through such transactions involving listed companies such as Salasar Techno Engineering Ltd and Tiger Logistics Ltd. So far, the ED has conducted searches at more than 175 locations across the country in connection with the case. The agency has attached or seized assets worth approximately ₹2,600 crore, arrested 13 individuals and named 74 entities as accused in five prosecution complaints filed before the court. Officials said the investigation is ongoing and further action is likely as the agency continues to trace the flow of funds, identify additional beneficiaries and uncover the full scale of the alleged illegal betting and money laundering network. The ED stated that its actions are aimed at dismantling organised financial crime and ensuring that proceeds of illegal activities are recovered and brought under the law. ED Attaches Assets Worth ₹91.82 Crore in Mahadev and Skyexchange Illegal Betting and Money Laundering Case The Enforcement Directorate has attached assets worth ₹91.82 crore as part of its ongoing probe into illegal online betting platforms Mahadev Online Book and Skyexchange.com. The action was taken by the ED’s Raipur Zonal Office under the Prevention of Money Laundering Act. According to the agency, bank balances worth ₹74.28 crore held by two foreign-linked entities were attached. These firms are allegedly connected to key accused and were used to hide illegal betting money and show it as legitimate investment. The ED also attached properties worth ₹17.5 crore belonging to Gagan Gupta, a close associate of Skyexchange promoter Hari Shankar Tibrewal. These include high-value real estate and liquid assets allegedly bought using cash from illegal betting. The investigation revealed that Mahadev Online Book and Skyexchange generated huge illegal profits through online betting. The Mahadev platform allegedly worked as a central system that supported multiple betting websites and apps. Funds were laundered using fake KYC documents, benami accounts, hawala channels, trade-based methods and crypto assets. The ED said the money was routed back into India through foreign portfolio investors and invested in the stock market. So far, assets worth around ₹2,600 crore have been attached or seized, 13 people arrested and 74 entities named as accused.