The Enforcement Directorate (ED) has told a special court that the Mahadev Online Book betting syndicate, allegedly run by fugitive promoters Sourabh Chandrakar and Ravi Uppal, generated nearly INR 450 crore every month through illegal online betting operations. The claim forms part of the agency's prosecution complaint in its ongoing money-laundering investigation.
According to the ED, the betting network operated through a franchise-based model in which thousands of agents managed betting panels across India while the key promoters controlled operations from Dubai. Investigators allege that Chandrakar and Uppal retained around 70–75 per cent of the profits, with the remaining share distributed among local panel operators. The illicit proceeds were allegedly routed through dummy bank accounts, hawala channels and cryptocurrency transactions before being invested in high-value properties in India and the UAE.
The agency's investigation has identified multiple online betting platforms linked to the syndicate, including Tiger Exchange, Gold365 and Laser247. The ED has alleged that the proceeds of crime were laundered through a complex financial network involving shell entities and overseas investments.
The Mahadev betting app case first came under the spotlight following investigations into a lavish wedding hosted by Sourabh Chandrakar in Dubai, which allegedly involved large-scale hawala transactions. Since then, the ED has carried out searches at more than 175 locations across the country, arrested several accused and attached assets worth thousands of crores.
The agency recently attached additional assets worth over INR 940 crore linked to the betting network, taking the total value of assets attached, seized or frozen in the case to more than INR 4,300 crore. Meanwhile, Chandrakar, who was recently detained in Oman based on an Interpol Red Notice, is facing extradition proceedings to India.
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