On March 24, the Enforcement Directorate (ED) of India's Ministry of Finance issued a preliminary order to seize 20 assets worth $180 million in connection with a money laundering and corruption case involving the illegal iGaming operator Mahadev Book.
The seized properties include apartments in Burj Khalifa, residences in Business Bay and SLS Hotel & Residences, villas and apartments in Dubai Hills Estate, as well as two properties in New Delhi.
According to the ED, the assets belong to one of the main organizers of the operator, Surabh Chandrakar, and five associates. The ED claims that Mahadev Book conducted illegal iGaming activities through a network of affiliates across India under the brands Tiger Exchange, Gold365, and Laser247. Chandrakar, along with Ravi Uppal, coordinated operations from Dubai.
The investigation also involves the iGaming operator SkyExchange and government officials. Funds were funneled through shell accounts, hawala, and cryptocurrency, after which Chandrakar and Uppal invested them in high-value properties in the UAE and India.
The ED has conducted searches at over 175 locations, arrested 13 individuals, charged 74 people, and filed petitions declaring four participants, including Chandrakar, as fugitives from justice. The total value of seized, confiscated, and frozen assets amounts to $460 million.