Mumbai: The promoters of Mahadev Book, an illegal betting application under the scanner of various probe agencies invested the alleged proceeds of crime (PoC) in cryptocurrency, stock and offshore real estate, the ED probe has revealed.
According to the ED, Saurabh Chandrakar opened a Binance account in his name. Many other benami Binance accounts were opened by him to trade in cryptocurrencies like USDT, BTC. He is actively involved in converting his betting money into digital currency, as disclosed by his close associate during the ED investigation.
During the investigation, the Enforcement Directorate (ED) found that Chandrakar established a bogus diamond trade company. The ED probe reveals that the account was operational for only nine months, during which multiple transactions amounting to Rs 11.5 crores were undertaken, with several transactions occurring on a single day. The credit received was subsequently transferred to multiple other small accounts. "...Shree Enterprise has been transferring funds to Sagar Diamonds, accounts of which the betting proceeds are being integrated and remitted outside the country."
Enforcement Directorate (ED) investigation revealed that the promoter of the Mahadev app established multiple shell companies to streamline their betting business transactions. Additionally, these entities played a crucial role in managing visa and ticket arrangements for members of his betting syndicate.
Details On Shell Companies
During the investigation,ED found that Chandrakar formed a company named Perfect Plan Investment LLC for the purpose of acquiring assets. Within this company, his business syndicate's finance manager, Vikas Chhaparia, and Saurabh Chandrakar both hold shares. Through this shell company, they facilitated the purchase of a villa in Dubai, where Chandrakar currently resides. The company officially declared that it had acquired the property, specifically Villa 36 in Dubai, and assigned it for residential use to Chandrakar, who is a shareholder of the company. The property is also being used as an address proof by Chandrakar. According to sources, Chandrakar is currently residing in the same villa and is under house arrest by Dubai authorities. Chandrakar had purchased one more villa for consideration amount of AED 85,00,000 in his name but later he sold it During the probe, it was revealed that a company named Sportsbuzz was established in Chandrakar's name in Dubai. Through this company, he sponsored the IIFA awards.
According to probe, Vikas Chhaparia and Mr Anil Kumar Agrawal @ Atul Agrawal is the person who handles the Mahadev app's hawala money and invests the hawala funds in the Indian stock market, as well as land deals on behalf of the kingpin, Chandrakar. During the course of investigation, KYC documents submitted by M/s Perfect plan Investment LLC, M/s Techpro IT Solutions LLC & M/s Exim General Trading - FZCO with M/s Orbis Financial Corporation Ltd. for FPI registration were gathered by ED and from these documents, it is revealed that the accused, Mr Anil Kumar Agrawal @ Atul Agrawal is 49% shareholder in the company, M/s Exim General Trading FZCO while Mr Vikash Chhaparia is holding its 51% shares.
