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ED raids 17 locations, including three in Mumbai, in Mahadev betting app case
Updated On: 29 February, 2024 10:12 AM IST | Mumbai | Faizan Khan
According to sources, during the investigation of the Mahadev betting app case, the Enforcement Directorate (ED) discovered that the money earned through this betting was routed to Dubai via hawala channels
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The Enforcement Directorate (ED) on Wednesday carried out raids at 17 locations, including three in Mumbai, in connection with the Mahadev betting app case. According to sources, during the investigation of the Mahadev betting app case, the Enforcement Directorate (ED) discovered that the money earned through this betting was routed to Dubai via hawala channels, with a significant portion being sent to tax havens such as the British Virgin Islands, Curacao, and Vanuatu.
Sources within the ED revealed that these funds were converted into white money in tax haven countries and then reinvested in the Indian share market and various Indian companies. “It is estimated that approximately Rs 1000 crore, allegedly earned through betting and transferred abroad from India through hawala channels, has now been reinvested in India through Foreign Direct Investment (FDI),” an officer of ED said.
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