International Investigation Unravels Multi-Crore Online Betting and Money Laundering Empire Mahadev Online Book (MOB) Co-Owners Face Legal Heat Across Multiple Countries
In a major international crackdown, the Enforcement Directorate (ED) and law enforcement agencies in India and the United Arab Emirates (UAE) are unraveling a multi-crore online betting and money laundering empire associated with Mahadev Online Book (MOB). Co-owners Sourabh Chandrakar and Ravi Uppal are at the center of a complex web of financial transactions and international operations.
Background:
The Mahadev Book, incorporated as “Mahadevbook Markets Limited,” was registered in Saint Vincent and the Grenadines in the Caribbean on June 21, 2021. Following this, Uppal and Chandrakar relocated to Dubai. The MOB franchisee model, initiated in 2019 across India, operated on a profit-sharing ratio of 30:70, with the Dubai-based head office (HO) controlled by Chandrakar and Uppal.
Investigations and Legal Proceedings:
- Detention and Extradition: Ravi Uppal, the 43-year-old co-promoter of MOB, was detained by Dubai authorities last fortnight and is awaiting extradition to India.
- Surveillance and Red Corner Notice: Chandrakar, the 28-year-old co-owner, is under round-the-clock surveillance by UAE authorities. The Interpol issued a Red Corner Notice against Chandrakar in October, and his presence in Dubai has been confirmed. Extradition is expected pending the requisite permission from a Dubai court.
- Financial Details and Wedding Expenditure: The ED claims that Chandrakar spent over ₹200 crore on a lavish wedding ceremony in Ras Al-Khaimah, UAE, in February. This expenditure is now under investigation as potential proceeds of crime.
- International Asset Acquisition: The ED alleges that Uppal and Chandrakar purchased assets in the UAE, London, Sri Lanka, and Australia, routing money through the Cayman Islands.
- Asset Seizure and Freeze: The ED has identified MOB assets worth ₹100 crore in Dubai, including offices and villas. So far, the ED has seized or frozen assets worth ₹567.02 crore.
Legal Proceedings in India:
Chandrakar and Uppal are among the 14 accused named in the ED’s first charge sheet submitted before a special PMLA (Prevention of Money Laundering Act) court in Raipur in October. The ED had approached the Interpol for a Red Corner Notice against the duo via the Central Bureau of Investigation.
After Chandrakar and Uppal failed to honor the summons issued on September 1 and September 2 under a provision of the Prevention of Money Laundering Act, the ED filed an application before the special court in Raipur, requesting open-ended non-bailable warrants against the two.
Conclusion:
The unraveling of the MOB empire sheds light on the sophisticated nature of online betting and money laundering operations spanning multiple countries. As legal proceedings progress, the international collaboration among law enforcement agencies underscores the commitment to combating transnational financial crimes. The case serves as a stark reminder of the challenges posed by such operations and the global efforts required to address them.