ED Probes Mahadev Group’s International Investments, Unveiling a Complex Web

Last Updated on March 11, 2024 4:45 am

The Enforcement Directorate (ED) is delving into the activities of the Dubai-based Mahadev group, uncovering a complex web of investments in Bangladesh, Nepal, and the UAE. In a recent revelation, it has come to light that Mahadev group partners, in collaboration with the sister of a Bangladesh cricket player, have established a gambling and betting company in Bangladesh, complete with a scrutinized website.

The Mahadev group promoters have reportedly made substantial investments, including the acquisition of properties valued at around Rs 800 crore in the UAE. Further investigations by the ED reveal significant financial ventures, including a substantial investment, alongside bookie Surendra Bagri, in an under-construction star hotel at Al Marian Island. Moreover, the group has reportedly invested Rs 40 crore in a casino in Nepal.

The ED’s findings emerged during extensive searches conducted in Pune, Delhi, Kolkata, Goa, Haryana, and Madhya Pradesh, supplemented by the interrogation of arrested individuals and witnesses. In a recent development, the ED has arrested Girish Talreja and Suraj Chokhani, both associated with the Mahadev group, as the agency unveils the intricate layers of the group’s international financial operations.

The agency suspects that the Mahadev group is strategically establishing a robust business presence in various countries to facilitate money laundering and ensure the continuity of its operations. Sources suggest that by setting up a betting and gaming app company in Bangladesh, the group may be planning to extend its influence with subsidiary companies in India.

As the investigation unfolds, the ED has identified multiple partners involved in the Mahadev group, indicating the establishment of intricate layers for asset acquisition. Investments in the Nepal casino and the Bangladesh gaming and betting app were reportedly facilitated through Suraj Chokhani. Notably, properties in Dubai were purchased under the names of individuals such as Talreja, Subham Soni, Ratan Lal Jain, and Nitish Diwan.

Girish Talreja, with a stake in the operations of the lotus365 app, has been implicated in generating substantial cash business, with the Pune branch alone accounting for around Rs. 50 crore per month. The ongoing ED investigation aims to unravel the full extent of the Mahadev group’s international financial activities and potential involvement in money laundering across multiple jurisdictions.

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