On March 8, the Enforcement Directorate (ED) announced the arrest of Girish Talreja and Suraj Chokhani in relation to the Mahadev Online Book betting case (MOB). The MOB betting app has been identified as a syndicate facilitating illegal betting websites and money laundering through a complex network of benami bank accounts.
Suraj Chokhani is reportedly a close associate of Hari Shankar Tibrewala, a hawala operator based in Dubai, who is believed to be a partner of the MOB promoters. Recently, the ED froze shares worth Rs 581 crore held by Tibrewala’s associates.
According to the ED, Tibrewala utilized various companies, both within and outside India, to launder the proceeds from betting operations. Additionally, he is alleged to have established foreign portfolio investor (FPI) structures to invest in listed Indian companies. Among these FPIs are Zenith Trading DMCC and Tano Investment Opportunity Fund, holding approximately Rs 606 crore worth of shares in Indian companies. The ED stated that Tibrewala employed Suraj Chokhani to conceal and launder proceeds of crime through share investments in Indian firms.
Suraj Chokhani serves as a director at Dream Achiever Consultancy Service, which recently acquired a significant stake in Delhi-based arbitrage firm BLB Limited. Dream Achiever has announced an open offer to acquire an additional 26 percent stake in BLB at Rs 22.60 per share, set to commence next week. Following news of this acquisition, BLB shares experienced a surge in value from Rs 22 to Rs 52 between January 18 and February 27. However, the stock witnessed a decline in the past week following reports of ED raids on Tibrewala’s associates.
Chokhani also holds the position of director at Forest Vincom Private Limited, which has been involved in numerous bulk deals on stock exchanges in recent months.
