The Mahadev betting app, operated by Saurabh Chandrakar and Ravi Uppal, allegedly ran a sophisticated operation that enabled online gambling on an unprecedented scale. Based out of Dubai, the platform reportedly used advanced encryption and shell companies to mask its financial transactions. The app’s creators are accused of channeling funds through hawala networks and layering them into various sectors, including high-value real estate and stock markets.
Kedia, reportedly a Kolkata-based financier, has been identified as a key figure in facilitating the app's financial operations. Alongside another financier, Vikash Chhaparia, Kedia allegedly orchestrated the movement of funds through multiple channels, leveraging complex financial instruments. Investigators revealed that over ₹200 crore was funneled through hawala transactions, with parts of the money invested in Indian markets via foreign portfolio investments (FPIs). Authorities have frozen assets worth ₹236.3 crore under provisions of the Prevention of Money Laundering Act (PMLA).
The scandal took a dramatic turn after the ED uncovered links to a grand wedding in the UAE hosted by Chandrakar earlier this year. Lavish expenditures on the event raised suspicions about the use of illicit funds. Bollywood celebrities, including well-known actors, singers, and performers, allegedly received payments for their participation, prompting the ED to issue summons to certain individuals. Actor Ranbir Kapoor is among those under investigation for his promotional association with the app.