The Enforcement Directorate Monday said it has seized securities, bonds and demat accounts worth Rs 573 crore after it conducted a fresh round of searches in the Mahadev online betting app-linked money laundering case last week.
The federal probe agency, in a statement, said it has found that the "proceeds of crime" generated by the betting platform and its linked syndicates were moved out of the country and later invested in the Indian stock markets in the name of foreign portfolio investments (FPIs).
The searches were conducted on April 16 at premises in Delhi, Mumbai, Indore, Ahmedabad, Chandigarh, Chennai and Odisha's Sambalpur.
"The search action has resulted in the seizure of cash worth Rs 3.29 crore, freezing of securities, bonds and demat accounts worth more than Rs 573 crore besides seizure of various incriminating documents and electronic records," it said.
The Mahadev betting app case made headlines after the agency claimed a few years ago that many high-ranking politicians and bureaucrats from Chhattisgarh were allegedly involved in the illegal operation and subsequent monetary transactions linked to this app.
The two main promoters of the app, Sourabh Chandrakar and Ravi Uppal, hail from the state. Searches have been undertaken in this case by the ED in the past too. -- PTI
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