Mahadev Betting Scandal: ED Attaches ₹1,700 Crore In Luxury Assets; Burj Khalifa Flats And Dubai Villas Seized

The Enforcement Directorate (ED) has provisionally attached high-value luxury properties in Dubai (UAE) and real estate in New Delhi worth Rs 1,700 crore, linked to Saurabh Chandrakar and Ravi Uppal, the alleged promoters of the Mahadev Online Book betting syndicate. The agency stated on Wednesday that these assets were acquired "proceeds of crime" generated through sprawling illegal betting operations.

In a provisional attachment order dated March 24, issued under Section 5(1) of the Prevention of Money Laundering Act (PMLA), the agency attached 18 immovable properties in Dubai and two in New Delhi. Officials said the overseas assets are located in prime areas, including high-end villas and apartments in Dubai Hills Estate, luxury residences in Business Bay and SLS Hotel & Residences, and apartments in the iconic Burj Khalifa. ED Investigation allege that these properties are held through a web of associates and shell entities designed to mask the duo’s beneficial ownership.

Among the key assets identified is Villa No. 36 at Hills View in Dubai Hills, identified as Chandrakar’s primary residence. The property is officially held by Perfect Plan Investment LLC, an entity in which Chandrakar allegedly maintains a 95% stake. The ED has also attached two large plots, plot nos. 33 and 35 at same locality total measuring approximately 72,000 sq ft, where construction of luxury residences is underway. The construction is alleged to have been funded using proceeds from illegal betting activities.

The ED has also attached multiple villas in the Fairway Residency cluster of Dubai Estate, identifying them as key assets within the syndicate’s offshore portfolio. These include Villa No. 33, allegedly occupied by Uppal, as well as Villas No. 50 and 13, linked to associates Atul Agarwal and Shubham Soni, respectively. Additionally, Villa No. 71 is registered in the name of Galaxy Ventures Real Estate LLC, an entity investigators claim is owned by Madhu Chhaparia, wife of associate Vikash Chhaparia, but remains under the beneficial control of Chandrakar’s associate network.

The attachment order further extends to the Sidra Villas cluster in Dubai Hills, where Villa No. 31 is reportedly occupied by associate Vishal Ramani, along with several additional units identified across the Sidra 1, 2 and 3 sectors.

Apart from residential properties, the ED has also attached commercial assets in the Business Bay district, including a property registered in the name of M/s Souvik Investment LLC. Officials alleged that the firm is controlled by Chandrakar’s associates and was used to facilitate financial operations and layer proceeds from illegal betting.

The agency estimates that Chandrakar controls 35 to 40 villas and apartments across Dubai, most of which are registered in the names of associates or offshore entities. Investigators believe these assets were acquired through a complex network involving hawala channels and a global betting panel system.

The ED has also attached two apartments in the Burj Khalifa, Units 1305 and 1004 along with units in SLS Hotel & Residences, which are suspected to be part of the same offshore asset network created through layered financial transactions.

In a parallel move, the ED has clamped down on domestic assets linked to the syndicate’s financial facilitators. In New Delhi, the agency attached multiple floors in a building in Model Town Part-3 and a residential unit in Model Town Part-2, associated with Atul Arora and Rohit Gulati. The duo is accused of routing betting funds through Real Time Gross Settlement (RTGS) transactions and cash entries to give legitimacy to illicit proceeds.

The ED said that, as on date, the total value of attachment, seizure and freezing of movable and immovable properties in the case stands at approximately Rs 4,336 crore, underscoring the scale of the alleged money laundering operation.

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The agency has also moved applications under the Fugitive Economic Offenders Act, 2018 against Chandrakar, Uppal, Anil Agrawal alias Atul Agrawal and Shubham Soni, seeking to declare them fugitive economic offenders and confiscate their assets.

Mahadev betting network functioned as a large-scale international betting syndicate, operating through multiple websites and domain names, including Tiger Exchange, Gold365 and Laser247. The operation followed a franchise-based structure, where “panels” were run by associates across India, while the key promoters Chandrakar and Uppal, allegedly operated from Dubai.

So far, the ED has conducted searches at over 175 locations across the country and arrested 13 individuals in connection with the case. A total of 74 persons have been named as accused in five prosecution complaints filed before a Special PMLA Court in Raipur.