New Delhi, April 21, 2025 — In a groundbreaking investigation, the Enforcement Directorate (ED) has uncovered a massive ₹6,000 crore online betting scam involving the Mahadev app, revealing not only illicit betting operations but also a sophisticated scheme to launder money through the Indian stock market. The ED’s latest statement sheds light on how proceeds from this illegal empire were funneled into the stock market to manipulate share prices, benefiting those involved while deceiving common investors.
Massive Online Betting Empire Generates ₹40 Crore Daily
The Mahadev app, which operates a sprawling network of over 3,200 betting panels across cities in India, is at the center of the ongoing investigation. According to ED, these panels generate a staggering ₹40 crore per day through illegal betting on various sports and games, including cricket, poker, and even elections.
ED Freezes ₹573 Crore in Securities and Bonds
Following a series of multi-city raids conducted last week, the ED froze securities and bonds worth ₹573 crore and seized cash totaling ₹3.29 crore. These raids, which took place in key locations like Delhi, Mumbai, Indore, Ahmedabad, and others, resulted in the seizure of numerous incriminating documents and electronic records. The investigation has revealed a complex money laundering operation where the proceeds of crime (POC) were transferred out of India and later deployed in the Indian stock market.
Stock Market Manipulation and False Valuations
The ED has stated that tainted funds were used in the Indian stock market via foreign portfolio investors (FPIs), based in regions like Mauritius and Dubai. These funds were invested in small and medium-sized enterprises (SMEs) to artificially inflate stock prices, deceiving investors into making risky investments based on manipulated valuations.
Further investigations have indicated that some of these investments were disguised under the preferential issue of shares, sale of promoter shares, and share warrants. These actions were allegedly orchestrated by promoters of listed companies who colluded with Mahadev’s operatives to artificially inflate their companies’ stock prices.
Promoters and Agents Under Investigation
The ED’s search efforts have revealed the involvement of promoters of several listed companies who reportedly collaborated with Mahadev’s key figures, including Sourabh Chandrakar and Ravi Uppal, to launder money and manipulate stock prices. The agency also named agents and stockbrokers who facilitated these fraudulent activities during their raids.
Sourabh Chandrakar and Ravi Uppal on the Run
The two main promoters of the Mahadev app, Sourabh Chandrakar and Ravi Uppal, are believed to be operating from Dubai, and the Indian government is actively pursuing their extradition. The duo allegedly ran a vast network of illegal betting platforms that allowed users to place wagers on a wide range of live events, including sports matches and even political elections in India.
Massive Crackdown: ₹3,000 Crore in Assets Seized
So far, the ED has conducted searches across more than 170 locations and has seized, frozen, or attached assets worth over ₹3,000 crore. The agency has also filed five charge sheets under the Prevention of Money Laundering Act (PMLA), naming 13 accused individuals, including Chandrakar and Uppal.
CBI Joins Investigation
In addition to the ED’s efforts, the Central Bureau of Investigation (CBI) has filed a case in connection with the Mahadev app scandal, naming former Chhattisgarh Chief Minister Bhupesh Baghel and other public servants as accused. This new case aims to investigate the role of public officials in the illegal operations.
This detailed investigation into the Mahadev app scandal has sent shockwaves through the financial and betting sectors, with authorities continuing to unearth the scale of this criminal enterprise. As the case develops, more individuals and companies are likely to be implicated in this massive money laundering and stock market manipulation scheme.
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