Key Points
Mumbai: Investigation into the multi-crore Mahadev Online Book illegal betting application scam has revealed that the bank entries of dummy companies were used to invest in the stock market..
The Enforcement Directorate (ED) on Friday said it had frozen shares worth Rs 1,100 crore held in demat accounts linked to the accused in the case.. It has been revealed after the arrest of Suraj Chokhani, the Indian connection to the fugitive promoters of the Mahadev app, that through a betting website, skyexchange, Chokhani allegedly diverted Rs 423 crore (as on February 29) through companies under his directorship to stock portfolios..
The investigation has revealed that for this purpose of obtaining bank balance in bank accounts, transactions in the name of unlisted stocks were undertaken by professional entry operators, the ED had told in its earlier court filings while seeking Chokhanis remand...
The probe has revealed Chokhani who was director in eight private companies Ability Garnes, Brilliant Investment Consultant, Discovery Buildcon, Forest Vincom, Sawambhumi Vanijya, Dream Achievers Consultancy, Ability Smart Tech and Ability Ventures used these companies to purchase shares...
EDs probe had revealed that the Mahadev betting app is an alleged umbrella syndicate arranging online platforms for enabling illegal betting websites to enrol new users, create User IDs and laundering of money through a layered web of benami bank accounts..
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