Indian authorities mark US$11m assets for seizure in Mahadev and Skyexchange probe

Mahadev Online Book and Skyexchange are at the centre of a money laundering investigation led by the Enforcement Directorate.

India.- The Enforcement Directorate (ED) has ordered the seizure of assets worth approximately US$11.1m as part of its investigation into alleged illegal online betting and money laundering activities linked to Mahadev Online Book and Skyexchange.com. The two digital betting networks are accused of operating unauthorised wagering.

According to investigators, Mahadev Online Book functioned as an umbrella infrastructure, enabling multiple illegal betting websites and mobile applications to onboard users, process wagers and manage financial transactions. Skyexchange allegedly operated as an online betting exchange platform. Both allegedly facilitated sports betting and other gambling activities prohibited under Indian law.

The ED stated that around US$9m in bank balances held by Perfect Plan Investment LLC and Exim General Trading–GZCO have been listed for seizure. Additional assets worth approximately US$2.1m, including high-value real estate and liquid holdings were seized from Gagan Gupta, described as a close associate of the owner of Skyexchange.

Investigators allege that the betting platforms were deliberately structured to ensure consistent customer losses, with funds collected and distributed through predetermined profit-sharing arrangements.

The ED also claims there was cross-border money laundering involving hawala networks, trade-based laundering techniques and cryptoassets. Authorities claim that illicit funds were siphoned offshore and later routed back into India via foreign portfolio investments.

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Mahadev Online Book and Skyexchange are at the centre of a money laundering investigation led by the Enforcement Directorate. India.- The Enforcement Directorate (ED) has ordered the seizure of assets…