Mumbai: According to the ED’s prosecution complaint, the creators and promoters of Mahadev app, Saurabh Chandrakar and Ravi Uppal, have obtained citizenship of Vanuatu, an Oceania country. They have been evading law enforcement agencies during their travels abroad by using their Vanuatu passports and are also known to have applied for the Australian residency visa. They have not yet renounced thier Indian citizenship, though.
Chandrakar And Uppal Made Rs 850 Crore Per Month Through Illegal Betting
A manhunt has been initiated for the two men behind multiple illegal betting apps in India but both have been exploring ways to travel undetected as they don’t intend to join the investigation here, officials said. The ED has claimed that Chandrakar and Uppal made Rs 850 crore per month by offering illegal bets through a cache of online applications. Chandrakar and Uppal earned Rs30-40 lakh as royalty per panel (created to launder hawala money) per month.
The number of active panels at present is said to be more than 2,000. During the probe, the ED found a link to Vikas Chhaparia, who handled hawala-related operations for Mahadev app and invested a significant amount in the stock market. The agency conducted searches at Chhaparia’s known premises and those of his associates Govid Kedia and Amit Saraogi.
Hawala Money Invested In Stock Market
The search led to the discovery that Chhaparia had invested Rs 6 crore in Indian stock market in his own name and held assets worth Rs30 crore under M/s Laxis Residency LLP. The agency claims Chhaparia invested in India through foreign portfolio investment and that it froze cash derivatives and other security holdings valued at Rs 236.3 crore of M/s Perfect Plan Investments LLP, M/s Exim General Trading FZCO and M/s Techpro IT Solutions LC under the Prevention of Money Laundering Act.
