The Enforcement Directorate has pinned a staggering price tag on the Mahadev online betting racket, claiming the syndicate generated between Rs 75,000 and 80,000 crore in proceeds of crime between 2019 and 2026. The agency filed its final supplementary chargesheet before a Raipur court on Monday, marking a decisive escalation in a probe that began in 2023 following a cluster of FIRs in Andhra Pradesh and Chhattisgarh. The numbers are not theoretical; the ED states the app is still operational, churning out an estimated Rs 11,400 crore annually through a vast network of 3,200 active panels.
The money trail leads straight to the Gulf. The ED alleged that a majority of this capital was layered and transferred to promoters based in Dubai, often bypassing formal banking channels. The investigation exposed a systematic mechanism where each of the 3,200 panels generated roughly Rs 30 lakh per month, feeding a monthly inflow of Rs 950 crore. This illicit liquidity was then funneled into the Indian stock market via the Foreign Portfolio Investment (FPI) route, effectively laundering gambling proceeds through legitimate financial instruments.
The most audacious display of this wealth? A Rs 200 crore wedding. In February 2023, promoter Saurabh Chandrakar hosted a lavish ceremony in Ras Al Khaimah, UAE, hiring private jets to fly family from Nagpur and celebrities from Mumbai. ED records show Rs 112 crore allegedly moved through hawala networks to event management firms, while hotel bills worth Rs 42 crore were settled in cash. It’s a stark contrast to the reality of the victims: young men from Chhattisgarh and Andhra Pradesh who lost life savings on the app, only to see their money fund a Dubai bachelor party.
The chargesheet also ripples into the corporate sector. The ED has named Nishant Pitti, an executive at EaseMyTrip, as an accused, though the company has yet to respond to the allegations. The agency also alleged that local police and politicians actively connived in the racket, with bureaucrats and politically exposed persons receiving illegal gratification to look the other way. Notably, the ED did not name former Chhattisgarh Chief Minister Bhupesh Baghel as an accused in this specific money-laundering case, despite earlier claims that his office received protection money.
The promoters remain on the run. Saurabh Chandrakar was detained in Oman in June at India’s request, but the broader network persists. The Raipur court will now examine the supplementary chargesheet, which details the intricate web of hawala, FPI investments, and cash expenditures that allowed this digital casino to amass a fortune rivaling the GDP of smaller nations.