Mahadev Satta App’s money was invested in stock market, portfolio worth Rs 1190 cr

Raipur. Enforcement Directorate (ED) investigating into Mahadev Satta App has made a big revelation by issuing a press release. According to ED, the money received from the betting app was being legalized by investing it in the share market.

In this, the total stock portfolio of Indian and foreign companies till 29 February 2024 has been found to be around Rs 1190 crore. Suraj Chokhani from Kolkata and Girish Talreja arrested from Bhopal have given many important information in ED remand.

ED is investigating Mahadev and his associated betting companies. Apart from these two accused, nine more accused have been arrested. Both of them are in remand till March 11. Nine accused have been arrested in this case.

/// Portfolio worth more than Rs 1180 crore

Hari Shankar Tibrewal used Suraj Chokhani to launder and hide income under the guise of stock investments for Indian companies. Indian companies controlled by Hari Shankar Tibrewal’s associates held a stock portfolio worth Rs 580 crore as of February 29.

At the same time, foreign institutions also invested in India through FPI. His stock portfolio was also found to be Rs 606 crore. Overall, these companies have a stock portfolio of more than Rs 1180 crore. Searches in Kolkata also revealed that Hari Shankar Tibrewal is also involved in stock market manipulation in collaboration with the promoters of the companies.

Hari Shankar Tibrewal used his huge capital to create temporary fluctuations in share prices. Used to take them upstairs, and then withdraw the money.
Hari Shankar Tibrewal used his huge capital to create temporary fluctuations in share prices. Used to take them upstairs, and then withdraw the money.

//Talreja’s role in money laundering

Girish Talreja is a partner in the illegal operations of Lotus-365 along with Ratan Lal Jain alias Aman and Saurabh Chandrakar. Girish Talreja was found to be playing an active role in laundering the proceeds of Lotus 365. On March 1, investigation was conducted at several places in Kolkata, Haryana, Delhi, MP, Maharashtra and Goa. The investigation also included branches of Lotus 365 operating out of Pune, Maharashtra.

Investigation revealed that speculative cash worth Rs 50 crore per month was being handled by this branch. Girish Talreja was also found to be one of the members of the “cash handling WhatsApp group” of this branch. After the search, Rs 1 crore in cash was seized.

/// Harishankar Tibrewal also made illegal property legal
ED investigation has also revealed that Hari Shankar Tibrewal was also associated with the promoters of Mahadev Online Book. He had a partnership in the illegal operation of the betting website “Sky Exchange”. Hari Shankar Tibrewal had laundered the proceeds of crime generated from bookmaking operations through several companies operating in India and outside India.

/// Another app in Goa
According to ED, on March 4, searches were also conducted in Goa regarding Mahadev Satta App. Here a search was conducted regarding a prominent panel operator. The panelist was in Goa for the launch of another betting book. Apart from this, Rs 48 lakh cash was found in the possession of the panel operator. In this case, movable assets totaling Rs 1764.5 crore have been seized during the searches