The Enforcement Directorate (ED) on March 8 said that it has arrested two more people, Girish Talreja and Suraj Chokhani in connection with the Mahadev Online Book (MOB) betting case. MOB betting app is an umbrella syndicate arranging online platforms for enabling illegal betting websites and laundering of money through a layered web of benami bank accounts.
Chokhani is a key aide of Dubai-based hawala operator Hari Shankar Tibrewala, whom the ED has identified as a partner of the promoters of MOB.
Last week, the ED froze shares worth Rs 581 crore held by associates of Tibrewala.
According to the ED, Tibrewala had laundered the proceeds from the betting operations through multiple companies operating both in India and outside India. Tibrewala is also said to have foreign portfolio investor (FPI) structures to invest in listed Indian companies. Zenith Trading DMCC and Tano Investment Opportunity Fund are two such FPIs. In all, Tibrewala-controlled FPIs hold around Rs 606 crore worth of shares in Indian companies.
“Hari Shankar Tibrewala used Suraj Chokhani to launder and hide proceeds of crime under- the guise of share investment for Indian companies,” the release said.
Suraj Chokhani is one of the directors of Dream Achiever Consultancy Service. In January this year, Dream Achiever acquired a 36.84 percent stake in Delhi-based arbitrage firm BLB Limited. Dream Achiever has also made an open offer for another 26 percent in BLB at Rs 22.60 per share. The open offer is to commence next week.
Following news of the acquisition, BLB shares had jumped from Rs 22 to Rs 52 between January 18 and February 27. The stock has been falling over the last week following news of the ED raids on Tibrewala’s associates.
Chokhani is also the director in Forest Vincom Private Limited, which has figured in many bulk deals on the stock exchanges over the past few months.
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