ED Raids Vikas Ecotech in High-Stakes Mahadev App Money Laundering Probe

The Enforcement Directorate (ED) has intensified its investigation into the Mahadev betting app money laundering case by conducting raids on the Delhi-based company Vikas Ecotech Limited and the residence of its promoter. During the searches, the agency reportedly seized incriminating documents that point towards the company’s involvement in routing illegal funds generated through the betting syndicate.

According to ED officials, money from the Mahadev betting network was allegedly channelled through shell entities and hawala operators before being routed into listed companies like Vikas Ecotech using Foreign Portfolio Investments (FPIs). The probe has revealed that more than ₹60 crore was moved into the company and its connected entities in what investigators believe was a deliberate attempt to launder and disguise the origins of the illicit proceeds.

The raid on Vikas Ecotech was part of a larger operation covering over 50 locations across India. Similar actions were carried out at other companies including EaseMyTrip, IITL, and JTL Industries. The ED’s nationwide searches led to the seizure of ₹3.29 crore in cash and the freezing of securities and demat accounts worth over ₹573 crore.

Officials believe the funds linked to the Mahadev app syndicate were not only laundered but also used to manipulate share prices of certain companies, particularly in the small and medium enterprises segment. This has widened the scope of the investigation, as authorities suspect a nexus between the betting syndicate, shell companies, and corporate entities misusing capital markets.

The case has now become one of the largest money laundering investigations in recent years, as the ED continues to track the financial trail of the Mahadev Online Book network and its links with prominent business groups.