Mahadev Betting App Scam:

- Last week ED recovered gold, jewellery & cash worth ₹417cr at several locations linked to Mahadev Betting App

- The app came under ED's radar after a wedding ceremony in UAE spent ₹200cr in cash

- it was one of promoters Saurabh Chandrakar's wedding who reportedly rose from a juice vendor to multi-billionaire

- App syndicate is operated by Chandrakar & Ravi Uppal from Dubai, both hails from Chhattisgarh.

- all funds from customers were being collected/payout through benami accounts,  opened fraudulently.

- the betting algo was rigged such way that the company would not lose money and after initial profit, customer incurred heavy losses

- the company was making profit of ₹200cr per day!!!

- large scale hawala op to siphon off to offshore accounts

- nexus (protection money) to cops, politicians, & bureaucrats to run syndicate running

- 34 entmnt industry are summoned by ED as they all attended that Dubai wedding. All were paid heavily through hawala

- Ranbir Kapoor is accused of endorsement of app

- This could be crores of scam involving senior bureaucrats and politicians

- ED is still analysing the scale of the huge scam

- as of now its not clear which politician(s) or Chattisgarh/ outside is involved in the one of the biggest betting scam