The Enforcement Directorate (ED) recently raided several locations as part of its investigation into the Mahadev online betting app case. During the raids, they seized cash worth Rs 3.29 crore and froze securities, bonds, and DEMAT accounts worth over Rs 573 crore. They also took away important documents and electronic records related to the case.

The agency conducted these raids in multiple cities, including Delhi, Mumbai, Indore, Ahmedabad, Chandigarh, Chennai, and Sambalpur (Odisha), as part of its investigation into the Mahadev betting app case. These raids were carried out under the Prevention of Money Laundering Act (PMLA), 2002.The companies under the probe include Vikas Ecotech Ltd., JTL Industries, Industrial Investment Trust Ltd. (IITL), EaseMyTrip, and a few others.

However, EaseMyTrip has clarified that it has no connection with the Mahadev Betting App. Responding to recent seizures made by the Enforcement Directorate (ED), a spokesperson for the company said, “EaseMyTrip has no direct or indirect link with the Mahadev Betting App or any other betting platform. We are fully cooperating with the authorities in the ongoing investigation.”

Meanwhile, sources revealed that during the raids, a large amount of cash, bonds, and securities were recovered from the premises of Vikas Ecotech. Incriminating documents were also found, reportedly exposing links between shell companies and the firm under scrutiny. ED has also issued summons to several individuals, asking them to appear at the Raipur Zonal Office to join the investigation and record their statements.

The Enforcement Directorate (ED) found that the Mahadev betting app was making huge amounts of illegal money and hiding it through a network of fake or Benami bank accounts. This dirty money was first sent out of India and then brought back disguised as foreign investments from places like Mauritius and Dubai, under the name of foreign investors (FPIs).

The agency also discovered that this money was being pumped into certain companies to create fake demand and artificially raise the prices of shares, especially in the SME (small and medium enterprise) sector. This tricked common investors into believing the companies were doing well. During recent raids, the ED managed to identify and freeze some of these fake investments to stop further misuse.

The ED is now trying to understand how the accused used black money to fake stock market gains. They found that some company owners (promoters) used illegal money in their businesses by pretending it was legal, through things like special share deals, selling their shares, or issuing share warrants.

Some companies were used to hide and move this money around in the market. During the raids, the ED found proof that these owners worked with others to raise share prices in a fake way using black money. They used agents and middlemen to make their companies look more valuable. Several agents and stockbrokers involved were also searched.

 

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