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Events / Regulatory / ED Attaches Assets in Mahadev Betting Case
Regulatory asset attachment

ED Attaches Assets in Mahadev Betting Case

Analysis based on 7 articles · First reported Jan 07, 2026 · Last updated Jan 07, 2026

Sentiment
-70
Attention
4
Articles
7
Market Impact
General
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The India — Enforcement Directorate's attachment of assets in the Mahadev Online Book and Skyexchange.com case highlights significant regulatory risk for companies involved in illicit financial activities. The exposure of a 'cashback' scheme involving publicly traded companies like Salasar Techno Engineering and Tiger Logistics (India) could lead to increased scrutiny on foreign portfolio investments and corporate governance in India, potentially impacting investor confidence in the short term.

Financial Services Gambling Technology
Event Summary

The India — Enforcement Directorate has attached movable and immovable properties worth Rs 91.82 crore in an ongoing investigation into illegal betting operations by Mahadev Online Book and Skyexchange.com. These platforms, controlled by accused individuals like Sourabh Chandrakar, A. P. Anil Kumar, and Vikas Chhaparia, generated vast amounts of illicit funds by rigging games and defrauding the public. The proceeds of crime were laundered through a complex network of benami bank accounts, hawala channels, trade-based money laundering, and crypto-assets, then reinvested into the Indian stock market via foreign FPIs. A sophisticated 'cashback' scheme was uncovered where FPIs invested in listed Indian companies, including Salasar Techno Engineering and Tiger Logistics (India), with promoters returning 30-40% of the investment in cash. Gagan Gupta, an associate of Skyexchange.com owner Hari Shankar Tibrewal, is identified as a beneficiary of Rs 98 crore from these transactions. So far, the India — Enforcement Directorate has conducted over 175 searches, seized or frozen assets worth Rs 2,600 crore, arrested 13 persons, and arraigned 74 entities as accused.

Entities Involved
oth
Mahadev Online Book
Mahadev Online Book is an illegal betting platform that generated huge amounts of proceeds of crime, which were laundered through a complex web of benami bank accounts.
Importance 90.0 Sentiment -100.0
per
Gagan Gupta
Gagan Gupta, a close associate of Hari Shankar Tibrewal, had properties worth Rs 17.5 crore attached and is identified as a beneficiary of at least Rs 98 crore from cashback schemes involving Indian listed companies.
Importance 90.0 Sentiment -90.0
oth
Skyexchange.com
Skyexchange.com is another illegal betting platform involved in the money laundering scheme, with its owner Hari Shankar Tibrewal being a key figure.
Importance 85.0 Sentiment -100.0
per
Hari Shankar Tibrewal
Hari Shankar Tibrewal is the owner of Skyexchange.com and a central figure in the illegal betting and money laundering scheme.
Importance 85.0 Sentiment -100.0
per
Sourabh Chandrakar
Sourabh Chandrakar is one of the key accused in the illegal betting operations, controlling entities used to conceal and project proceeds of crime.
Importance 80.0 Sentiment -100.0
per
Vikas Chhaparia
Vikas Chhaparia is an accused linked to entities used for laundering proceeds of crime from illegal betting operations.
Importance 70.0 Sentiment -100.0
per
A. P. Anil Kumar
A. P. Anil Kumar is an accused linked to entities used for laundering proceeds of crime from illegal betting operations.
Importance 70.0 Sentiment -100.0
stock
Salasar Techno Engineering
Salasar Techno Engineering is an Indian listed company involved in the 'cashback' scheme where foreign FPIs invested heavily, and promoters were required to pay back 30-40% of the investment in cash.
Importance 60.0 Sentiment -50.0
stock
Tiger Logistics (India)
Tiger Logistics (India) is an Indian listed company involved in the 'cashback' scheme where foreign FPIs invested heavily, and promoters were required to pay back 30-40% of the investment in cash.
Importance 60.0 Sentiment -50.0
govactor
India — Enforcement Directorate
Importance 0.0 Sentiment 0.0
cnt
India
Importance 0.0 Sentiment 0.0
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