Big action by ED in Mahadev online betting case, Govind Kedia arrested

Mahadev Betting Case: The Enforcement Directorate (ED) has arrested prominent stock portfolio broker Govind Kedia while investigating the money laundering angle of the Mahadev online betting case. According to ED sources, some important information has been received during the investigation which indicates that Kedia was investing illegal money in the stock market which was linked to Mahadev Betting App. Kedia owns a stock portfolio management firm and was arrested from Kolkata.

Govind Kedia was produced in the special PMLA court in Raipur on Saturday (December 7) where the ED had sought his 14-day custody. However, the court has ordered to send Kedia to ED custody for 5 days. According to ED, Kedia Mahadev was one of the promoters of the betting app and Vikas Chhaparia is a key accused. Kedia had a close relationship with him.

ED made a big claim

ED claims that Kedia and Chappariya together used to invest the money received through betting in the Indian stock market. Kedia is accused of facilitating the investment through entities like Perfect Plan Investment LLP, Exim General Trading FZCO and Techpro IT Solutions. Along with this, it is alleged that the route of Foreign Portfolio Investment (FPI) was used to hide the route of these illegal funds.

ED seizes assets worth Rs 160 crore against Kedia

ED has seized assets worth Rs 160 crore against Kedia which were found in his demat holdings. Last year, during the search of Kedia’s premises, ED had seized Indian currency worth Rs 18 lakh and gold and jewelery worth Rs 13 crore. Apart from this, investigation also revealed that Kedia is related to Nitin Tibrewal, the major shareholder of Techpro IT Solutions Limited. Tibrewal is accused of using the company for Mahadev online betting and investing the illegal money in the stock market through foreign portfolio investment.

Kedia’s role in converting black money into white money

ED also says that Tibrewal converted the money earned from illegal betting into white money through share trading. Kedia had an important role in this process. ED claims that Kedia, with the help of Tibrewal, strengthened this money laundering network and converted the illegal money into legal white.

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