ED identifies Dubai-based hawala operator, seizes assets : The Tribune India

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ED identifies Dubai-based hawala operator, seizes assets

ED identifies Dubai-based hawala operator, seizes assets


Tribune News Service

New Delhi, March 1

In its ongoing investigation into the Mahadev online betting racket, the Enforcement Directorate (ED) has identified Hari Shankar Tibrewal as one of the major players involved in the case.

The investigation into the racket led to the ED identifying Tibrewal, who hails from Kolkata but is currently residing in Dubai, as a hawala operator who had partnered with the promoters of Mahadev online book.

After the agency conducted searches at various places, it found that Tibrewal owned and operated one of the illegal betting websites namely Syexchange.

He through his Dubai-based entities was investing the betting proceeds in Indian stock market through the foreign portfolio investment route, sources said. He had also employed many of his associates as directors in various companies which were involved in layering of the betting proceeds.

Tibrewal was also involved in a large-scale movement of betting funds. Accordingly, security holdings worth Rs 580.78 crore in the name of the entities beneficially owned by Tibrewal have been frozen by the ED under the Prevention of Money Laundering Act. Earlier in this case, movable properties totalling Rs 572.41 crore were either seized or frozen during the searches. Two provisional orders have been issued, attaching movable and immovable properties valued at Rs 142.86 crore.

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