The Enforcement Directorate is expected to send a formal extradition request soon. The investigating agency was communicated about the arrest on Thursday, sources added further.
The proceeds of crime (PoC) have been pegged at Rs 10,000 crore with the amount put at twice that if an all-India estimate is made.
PoC under money laundering is used to define tainted gains generated through illegal activities covered under the Prevention of Money Laundering Act (PMLA).
Earlier this year, ED had found that these accounts were instrumental in laundering large sums of money through the app’s operations, with approximately Rs 1,100 crore being funnelled into the share market alone. Additionally, the scam is estimated to involve thousands of sim cards and other means of evading detection.
The Mahadev betting app, run from Dubai by its promoters Saurabh Chandrakar and Ravi Uppal, has drawn the attention of multiple investigative agencies. The app operated as an umbrella syndicate, providing platforms for illegal betting websites and laundering money through a sophisticated network of benami accounts. The international operations of the app have complicated efforts by authorities to bring the key players to justice. Taking actions, the government banned over two dozen websites allegedly laundering money from illegal offshore betting applications that were masquerading as ecommerce and forex trading portals, following investigations by the Enforcement Directorate (ED).Once an illegal app is shut down by authorities, another, floated by the same actors or their partners, comes out of the woodwork — making it a tiring chase by agencies. These illicit apps are run by faceless operators who, along with an army of tele-callers and bookies, are based in UAE, Sri Lanka and a few South Asian countries.