Mahadev betting app case: Police probe cricket match-fixing, hawala, laundering through crypto

The 25-page FIR registered based on a complaint by a Matunga resident social activist, Prakash Bankar, who is also into public charity work, mainly revolves around Khiladi App, a subsidiary unit of the Mahadev app.

Bankar has alleged in his statement that the accused Chandrakar and others are actively involved in match-fixing of major cricket matches and tournaments organised and conducted in India with dishonest intention of earning profit from match fixing.

In fact, most of the matches of the teams participating in the cricket leagues are fixed by the Chandrakar through his associates, some of them operating from abroad, the complainant said.

Bankar in his statement given to the police, stated that for match-fixing Chandrakar operates through Dinesh Khambat from London and Chander Aggarwal, both named as accused in the FIR. These persons are the partners and are considered to be top match fixers in India and also run several betting sites where they associate with another accused Amit Sharma.

Bankar requested police for a thorough investigation that will reveal how Agarwal has backdoor entry with cricket teams and how he has direct or indirect role in match-fixing.

Agarwal operates in association with a Mumbai-based person Mohit Barman, who has further links with Dinesh Khambhat, Rohitkumar Murgai, and Gaurav Burman. Burman has direct equity in one of the teams in the cricket league.They all partnered together to control, operate and run the website/portal of Khiladi Book.

Hawala transactions and crypto currency

The complainant activist Bankar has stated in the FIR that in order to prevent illegal transfer of funds by the law enforcement agencies, the syndicate transfer funds through illegal hawala channels, in cash or USDT (crypto currency) before disposal to specific individuals or specific accounts with the help of suspects Atul Aggarwal, Lala (Dubai) and Khanjam Jagdish Kumar Thakkar, who coordinate and organize hawala transactions.

Rohit Murgai and Amit Jindal, (from Delhi) handle the conversion of all Khiladi Book profits into crypto currency or USDT.

How it works

As per the police complaint, the kingpins, Saurabh Chandrakar and Ravi Uppal, having their head office in Dubai, would create profiles of panel owners. The panel owners in turn create user profiles of players (known as Punters), who are induced to deposit money into certain designated bank accounts (most such accounts are unscrupulous or Benami accounts held in the names of fictitious persons).

Information is given to panel owners by Chandrakar and Uppal. Around 20 per cent of business proceeds are remitted either through dubious banking channels or through hawala transactions and shared to panel members irrespective of the final outcome of betting/gambling games.

The remaining 80 per cent of income is retained by Chandrakar and Uppal and their associates. Thousands of bank accounts have been opened by or at the behest of Chandrakar, Uppal and others not only in Chhattisgarh but in various parts of India in the name of unscrupulous or fictitious persons.

Chandrakar and Uppal and others have run several call centers outside India to facilitate the promotion and playing of such online betting/gambling.

Each panel branch operates 3 categories of bank accounts, known as “Incoming Account”, “Withdrawal Account” and “Parking Account”.

The interested player is advised to deposit money in advance in the incoming account. Once received, they are immediately transferred to withdrawal accounts to ensure sufficient funds for withdrawals.

At the end of every month, every profit is transferred to parking accounts, which are used to remit 80 percent of the profits to Chandrakar, Uppal and the business heads.

On an average each panel branch handles daily deposits of not less than Rs 15 lakhs.

After deducting all expenses and remitting 80 per cent of the profit to the branch head, each panel branch earns more than Rs 8 lakhs per month. Chandrakar, Uppal and his various unknown cooperatives have 1,200 branches (approximately) operating in several states. The daily profit of each branch is collectively Rs 2,40,000, resulting in a total monthly profit of Rs 860 crore. “An organisation making such huge profits will be liable to pay GST not only on the amount received from users/players through deposits but also on the amount earned as profit, which may be Rs 5000 crore (approx.) for a financial year. Hence, since its inception in 2019, an amount of Rs 15,000 crores(approx.) could be recovered as legitimate tax by the Government of India from accused persons and related parties,” Bankar stated in the FIR.

‘Chandrakar associated with Cong leaders’

The complainant has also alleged that the mastermind Chandrakar is associated with several influential personalities along with senior political leaders affiliated with the Congress. One of these senior political leaders attended a family function of Chandrakar in 2022.

Meanwhile, the Burman family has denied receiving any formal communication on any such FIR.

“We have not received any formal communication on any such FIR. However, we have sighted the FIR which is being circulated to media houses. The FIR is patently false and baseless. Nothing could be further from the truth than as wrongly stated in the FIR. From a copy of the FIR that is being circulated in the media, we note that allegations are being made that Mr. Mohit Burman and Mr. Gaurav Burman are directly related to some of the accused. There is an ‘unseen – Exhibit F’ which seems to lay out some so-called relationships. Mr. Mohit Burman and Mr. Gaurav Burman do not even know or have ever met the accused mentioned in the FIR being circulated selectively in the media. There has been no evidence produced to corroborate the allegations made, and this is just a tactic to slander both of them. Curiously, the FIR comes at a time when the Burman Family has sought to increase its existing shareholding of 21.24% in Religare Enterprises and launched a legitimate open offer under the SEBI Takeover Code. As part of this the Burman Family brought to the notice of the Board and the regulators certain governance issues being perpetrated by Dr. Rashmi Saluja, the current Chairman. This FIR is nothing but a step provoked by vested interests in an attempt to block the acquisition of Religare Enterprises Limited by Burman Family. The Burman Family remains shocked at these ‘arm twisting’ moves, which are grossly illegal. Nevertheless, we remain resolute that we will proceed with our acquisition of Religare Enterprises as contemplated,” a statement issued by the family stated.