The Enforcement Directorate (ED) has told a special court in Raipur that the illegal operations of the Mahadev online betting syndicate continued despite enforcement action and the filing of its main prosecution complaint in October 2023. The agency now estimates that the alleged proceeds of crime generated through the Mahadev platform and associated betting websites have exceeded ₹92,000 crore, significantly higher than its earlier estimate of ₹10,000–11,000 crore.
The latest developments follow the extradition of alleged syndicate promoter Sourabh Chandrakar from Oman to India earlier in November 2026. The ED secured seven days of custodial interrogation after telling the court that questioning Chandrakar was necessary to trace the money trail, identify the beneficiaries of the alleged proceeds and investigate betting panels that were reportedly still operating from Dubai. He has been remanded to ED custody until November 19.
ED Estimates Mahadev Betting Syndicate Proceeds Above ₹92,000 Crore
The revised estimate represents a substantial increase in the alleged financial scale of the betting operation.
According to the ED’s submissions to the court, the estimated proceeds of crime are distributed across three major platforms:
| Platform | ED’s estimated proceeds of crime |
|---|---|
| Mahadev Online Book | ₹75,000–80,000 crore |
| Skyexchange.com | ₹11,000–12,000 crore |
| Lotus365.com | Approximately ₹2,400 crore |
| Combined estimate | More than ₹92,000 crore |
The agency initially estimated the proceeds of crime at approximately ₹10,000–11,000 crore when it filed its main prosecution complaint on October 20, 2023.
However, investigators allege that betting operations continued after the filing, generating additional funds through the network of online platforms and associated betting panels.
The ED has attributed the increase to the alleged continuation of illegal betting and related money laundering activities. The ₹92,000 crore figure is the agency’s investigative estimate of proceeds of crime, not a final judicial determination of money laundering or a confirmed amount of losses suffered by customers.
Betting Panels Allegedly Continued Operating From Dubai
A major part of the ED’s latest submission concerns the alleged continuation of betting operations through a network of panels.
The agency told the court that statements recorded during its investigation indicated that the Mahadev Online Book platform remained operational even after the main prosecution complaint was filed.
According to the ED, co-accused Rajat Kumar Singh disclosed that he was operating approximately eight to 10 betting panels from Dubai.
Another associate, Vishal Ramani, allegedly confirmed that the operations were continuing and said he was running around 35 panels from the UAE city.
These statements were recorded under Section 50 of the Prevention of Money Laundering Act (PMLA), according to the agency’s submissions.
The ED said the panel operators were important parts of the syndicate’s structure because they helped maintain betting operations and handle transactions.
Investigators are now seeking further information about the people managing these panels, the financial accounts used to collect money and the overseas networks allegedly involved in transferring proceeds.
Sourabh Chandrakar Remanded to ED Custody Until November 19
Sourabh Chandrakar is among the principal accused in the Mahadev betting app investigation.
According to the ED, Chandrakar and other promoters allegedly operated the betting syndicate from Dubai. The agency has described him as a key figure in the network and said his interrogation is necessary to establish the complete financial trail.
Chandrakar reportedly left India in 2022. He was extradited from Oman earlier in November 2026 and arrested by the Central Bureau of Investigation (CBI) in a related case.
The ED subsequently sought his custody in connection with its money laundering investigation.
The special court granted seven days of custody, allowing investigators to question him until November 19.
The agency wants to establish how the alleged betting proceeds were generated, where the money was transferred and who ultimately benefited from the operations.
It is also investigating the role of overseas associates and the people managing betting panels in different locations.
CBI Conducts Searches at 33 Locations Across Six States
The investigation has also expanded through separate action by the CBI.
Following disclosures made during Chandrakar’s interrogation, the agency conducted searches at 33 locations across six states.
The searches covered locations including Mumbai, Nagpur, Delhi, Amritsar, Dholpur, Bhopal, Raipur, Durg, Indore, Ahmedabad, Vadodara and Surat.
According to reports citing officials, the CBI detected several live betting panels operating from different premises and took steps to dismantle them.
Investigators also seized mobile phones, digital devices and documents that could help establish the alleged financial network.
The material is being examined for evidence of suspected mule bank accounts, hawala transactions and the movement of betting proceeds.
The CBI is attempting to identify the intermediaries, panel operators and other individuals allegedly involved in managing the network within India.
The searches indicate that investigators are examining not only the platform’s promoters but also the wider infrastructure that allegedly supported its operations.
How the Mahadev Betting Network Allegedly Operated
The Mahadev Online Book investigation concerns an alleged international betting syndicate that used multiple online platforms and a network of local operators.
According to the ED’s earlier investigations, the business operated through a franchise-based panel structure.
These panels functioned as local branches through which customers could access betting services. Operators allegedly managed customer accounts, collected money and coordinated transactions with the wider network.
The agency has alleged that the main promoters operated from overseas while associates managed activities in India.
Investigators have also examined the alleged use of accommodation entries, shell entities and hawala channels to move funds and conceal their origins.
In a July 2026 press release, the ED said its investigation had identified proceeds of crime being routed through multiple entities and layered transactions. The agency also reported that properties worth approximately ₹3,800 crore had been attached, seized or frozen in the case at that time.
The latest investigation is focused on establishing the complete financial structure and identifying the final beneficiaries of the alleged proceeds.
Why the Revised Estimate Matters
The increase from the initial ₹10,000–11,000 crore estimate to more than ₹92,000 crore highlights the scale of the financial investigation now being pursued by enforcement agencies.
The development also raises questions about how the alleged betting network continued operating despite earlier investigations, arrests, asset attachments and prosecution complaints.
The ED’s latest submissions suggest that investigators believe the operation was not limited to a single application or website. Instead, they are examining a broader network involving related platforms, overseas operators, local panels and financial intermediaries.
The investigation will need to establish how much money was actually generated, how it moved through the alleged network and which individuals or entities received the funds.
The distinction between alleged proceeds of crime, betting turnover and customer losses is important. These figures are not interchangeable, and the ₹92,000 crore estimate should not be interpreted as the amount lost by individual users.
The Bigger Picture
The Mahadev betting app investigation illustrates the challenges enforcement agencies face when alleged illegal online businesses operate across multiple jurisdictions.
Digital platforms can reach customers in India while their promoters, technical infrastructure and financial intermediaries operate from overseas locations. This can make it difficult to trace transactions, identify operators and recover assets.
The case also highlights the importance of examining the financial infrastructure supporting illegal betting operations. Investigations involving bank accounts, shell companies, digital records and suspected hawala channels can be as important as identifying the people running the applications.
The latest developments show that the investigation has expanded beyond the original allegations, with the ED and CBI examining the wider network and its financial beneficiaries. However, the allegations and revised estimates remain subject to the ongoing investigation and judicial proceedings.
Looking Ahead
The immediate focus will be on Sourabh Chandrakar’s custodial interrogation and the evidence collected during the CBI’s searches across six states. Investigators are expected to examine the alleged betting panels, trace financial transactions and identify the people who managed the operations and received the proceeds. The ED will also seek to establish whether the network continued generating funds through associated platforms after its earlier prosecution complaint.
The final scale of the alleged financial operation will depend on the evidence uncovered during the investigation and subsequent legal proceedings. The ₹92,000 crore estimate represents the ED’s current assessment, not a final court finding. The case could lead to further arrests, asset attachments and supplementary prosecution complaints as authorities attempt to establish the complete money trail.
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