Authorities Seize Mahadev Book Assets Worth $180M in India
In India, the Enforcement Directorate (ED) under the Ministry of Finance issued a provisional order on March 24 to seize 20 properties worth approximately $180 million in a money laundering and corruption case linked to the illegal iGaming operator Mahadev Book.
Seized assets and their locations
The seizure includes high-value real estate in the UAE and India.
Among the properties are apartments in the Burj Khalifa, units in Business Bay, and residences at SLS Hotel & Residences.
Additional properties
Villas and apartments in Dubai Hills Estate have also been seized.
In India, two properties in New Delhi are included in the order.
Individuals involved and structure
According to the ED, the assets are linked to Saurabh Chandrakar and five other individuals.
He is considered one of the key organizers behind Mahadev Book.
Operational coordination
Investigators state that Chandrakar acted together with Ravi Uppal.
The operations were coordinated from Dubai.
Mahadev Book operating scheme
The ED alleges that the operator ran illegal iGaming operations through a network of branches across India.
Brands used included Tiger Exchange, Gold365, and Laser247.
Additional parties
The investigation also involves the operator SkyExchange and several public officials.
Authorities are examining links between participants in the scheme.
Financial flows and asset conversion
Funds were routed through shell accounts, the hawala system, and cryptocurrency.
They were later invested in high-end real estate in the UAE and India.
Total value of seized assets
The total value of attached, seized, and frozen assets is estimated at around $460 million.
These figures are based on ED investigation materials.
ED enforcement actions
Search operations were conducted at more than 175 locations.
13 individuals were arrested, and charges were filed against 74 people.
Status of suspects
Applications have been filed to declare four individuals, including Chandrakar, as absconders.
The investigation is ongoing.
ED press release
Official press release from India’s Enforcement Directorate provides further details on the case.