ED Probing Mahadev Group’s Investments in Bangladesh, Nepal, and UAE

March 11, 2024 4:42 am

The Enforcement Directorate (ED) is investigating the Mahadev group, a Dubai-based entity, for its investments in gambling and betting ventures in Bangladesh, Nepal, and the UAE. The group’s promoters, in partnership with the sister of a Bangladesh cricket player, have reportedly established a gambling and betting company in Bangladesh, with a website currently under scrutiny.

According to the ED, the Mahadev group promoters have made significant investments, including purchasing properties worth around Rs 800 crore in the UAE. They have also invested a substantial amount, along with bookie Surendra Bagri alias Junior Kolkata, in an under-construction star hotel at Al Marian Island. Additionally, the group has invested Rs 40 crore in a casino in Nepal.

The ED uncovered these details during recent searches conducted in Pune, Delhi, Kolkata, Goa, Haryana, and Madhya Pradesh. The agency obtained digital and document evidence and also conducted interrogations of arrested individuals and witnesses.

In a recent development, the ED has arrested Girish Talreja and Suraj Chokhani. The agency suspects that the Mahadev group is attempting to establish a strong business presence in other countries to facilitate money laundering and ensure the continuity of their operations. The establishment of a betting and gaming app company in Bangladesh raises concerns about potential subsidiary companies in India.

During the investigation, the ED found that there are multiple partners involved in the Mahadev group, and they have established various layers for purchasing assets. The group has invested in the Nepal casino and the Bangladesh gaming and betting app through Suraj Chokhani. Properties in Dubai were reportedly purchased under the names of Talreja, Subham Soni, Ratan Lal Jain, and Nitish Diwan.

Talreja, who holds a stake in the operations of the lotus365 app, is implicated in generating around Rs. 50 crore in cash business every month through its Pune branch. The ED’s ongoing investigation aims to uncover the extent of the Mahadev group’s financial activities and potential money laundering schemes across multiple countries.