Illegal Betting

In a significant breakthrough in a high-profile financial crime case, the United Arab Emirates (UAE) has deported Indian national Harshit Babulal Jain, the prime accused in a Rs. 2,300 crore illegal betting and money laundering racket, the Central Bureau of Investigation (CBI) announced on Friday. Harshit Jain was brought back to Ahmedabad on September 5 and formally handed over to Gujarat Police at the international airport. The complex operation was conducted in close coordination with the Ministry of External Affairs (MEA), the Ministry of Home Affairs (MHA), and UAE authorities, underscoring effective international cooperation in tackling economic crimes. According to the CBI’s official statement shared on X, Jain had been absconding since March 2023. He fled to Dubai following a major raid at Sumil Complex in Ahmedabad, during which investigators uncovered a sophisticated betting network allegedly operated by the Mahadev syndicate. Interpol had earlier issued a Red Notice against Jain in August 2023 at the behest of Gujarat Police. DIG Nirlipta Rai of the State Monitoring Cell (SMC) was quoted by The New Indian Express, stating that Jain was the key mastermind behind this massive betting racket. The accused allegedly funneled around ₹2,300 crore through multiple bank accounts to facilitate illegal betting and launder the proceeds of crime. Authorities froze ₹9.62 crore spread across 481 accounts, while over 1,500 additional accounts were identified as part of the network. Jain was located in Dubai following an Interpol alert and deported to India after a formal extradition proposal was submitted in December 2023. The agency’s efforts have so far resulted in the arrest of 37 individuals linked to the syndicate, while lookout notices have been issued against eight other suspects still at large. During the investigation, law enforcement seized critical evidence, including laptops, mobile phones, debit cards, company seals, and a Velocity Server running MetaTrader software. This technology was reportedly used to camouflage betting transactions as legitimate stock trading operations, adding complexity to the fraudulent scheme. The CBI highlighted that this case is part of a larger crackdown on economic crimes. Over the past few years, more than 100 fugitives have been repatriated to India through Interpol coordination, with several key deportations taking place from the Gulf region. This development marks a major step in India’s ongoing efforts to clamp down on illegal betting operations and financial crimes that harm the integrity of the financial system. Authorities are expected to carry out further interrogations to dismantle the entire syndicate and bring all involved parties to justice. Read More: GST Council Approves Swift Export Refunds for Small Claims to Boost Exporters Amid Rising US Tariffs

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