The Directorate of Enforcement (ED) in Raipur apprehended Girish Talreja on March 2, 2024, followed by the arrest of Suraj Chokhani on March 3, 2024, under the Prevention of Money Laundering Act (PMLA) of 2002. These arrests are related to their involvement in money laundering activities associated with the Mahadev Online Book case. Both individuals were presented before the Hon’ble PMLA Special Court in Raipur, where the court granted custody to the ED for seven days until March 11, 2024. The ED's investigation was initiated based on FIRs registered by the Chhattisgarh Police, subsequently incorporating FIRs from the Vishakhapatnam Police and other states. Mahadev Online Book Betting APP was found to be a central entity facilitating illegal betting websites to onboard new users, generate user IDs, and launder money through a complex network of benami bank accounts.

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During ED's investigation, it was uncovered that Girish Talreja was involved in the operations of "lotus365," a sister concern of Mahadev Online Book, along with partners Ratan Lal Jain alias Aman and Sourabh Chandrakar. Talreja was actively engaged in laundering proceeds of crime generated from the illegal activities of lotus365. Searches under Section 17 of PMLA were conducted on March 1, 2024, across multiple locations including Kolkata, Haryana, Delhi, Madhya Pradesh, Maharashtra, and Goa, targeting branches of Lotus365 operating in Pune, Maharashtra. It was revealed that the Pune branch alone handled approximately Rs. 50 crore in betting cash per month, with Talreja identified as a member of the branch's "cash handling WhatsApp group." During the search, Rs. 1 crore in cash was seized.

Additionally, the investigation disclosed that Hari Shankar Tibrewal collaborated with the promoters of Mahadev Online Book in illegal betting operations, particularly with the betting website "skyexchange." Tibrewal laundered the proceeds through various companies both domestically and internationally, utilizing Suraj Chokhani to conceal and launder the funds under the guise of share investments in Indian companies. Searches conducted on February 28/29, 2024, at Tibrewal's associates' premises, including Chokhani's in Kolkata, revealed that funds were predominantly collected through bank entries against cash and then invested in the share market. As of February 29, 2024, the Indian companies controlled by Tibrewal's associates held securities valued at Rs. 580 crore, while foreign entities invested approximately Rs. 606 crore via the Foreign Portfolio Investment (FPI) route.

Further searches in Kolkata unveiled Tibrewal's involvement in stock market manipulation in collusion with listed company promoters. Tibrewal utilized his substantial capital to create temporary fluctuations in share prices, driving them upward before withdrawing funds once desired price levels were reached. On March 4, 2024, a search was conducted in Goa targeting a prominent panel operator linked to the launch of another betting book, leading to the seizure of Rs. 48 lakh in cash.

Overall, movable properties worth Rs. 1,764.5 crore have been seized or frozen during PMLA searches, with two Provisional Attachment Orders issued attaching movable and immovable properties valued at Rs. 142.86 crore. Prosecution complaints were filed on October 20, 2023, and January 1, 2024, in connection with the case. Prior to the apprehension of Talreja and Chokhani, nine other individuals had already been arrested in relation to the case. The investigation remains ongoing.