The Enforcement Directorate (ED) recently searched several locations in Pune related to the Mahadev subsidiary app, Lotus365. According to sources, the searches were conducted on Sunday and Monday at the panel operators linked to the betting app. The ED seized approximately Rs1.2 crore in cash, documents, UPI IDs, account books, and other digital evidence related to betting IDs. Officials also recorded statements of the panel operators and linked associates.
The raided locations are branches of the panel operators who managed more then 30,000 customers at a time for betting.
Recently, the ED arrested the hawala operator Girish Talreja from Bhopal who was one of the promoters of Lotus365 and a close associate of Saurabh Chandrakar, Ravi Uppal and Subham Soni. The current search in Pune is linked to Talreja’s interrogation.
The investigation into Talreja has revealed that he operated at the highest echelons of Mahadev Online Book. He allegedly diverted the profits from betting funds to the app’s Dubai headquarters through several shell companies and hawala operators. He also diverted and converted the betting money into stocks, demat accounts, foreign direct investment, and foreign portfolio investment (FPI) with the help of Nitish Diwan, who was also arrested by the ED a few days ago.
The investigation also revealed that Girish Talreja, the promoter of Lotus365, were given the subsidiary app to operate by Chandrakar. They managed the IDs, participated in the betting activities, and handled several branches and panel operators of Lotus365, sharing 75 per cent of the profits with Chandrakar and Uppal. The investigation revealed that Talreja was involved in transactions worth more than Rs 500 crore.
According to sources, several associates of the Mahadev app, including promoters and panel operators of its subsidiary, were in touch with Talreja for laundering the betting money. His interrogation continues in ED custody.
The investigation revealed that Talreja was in constant touch with Shubham Soni. Substantial transactions worth several crores of rupees have been traced between Soni and Talreja.
