Dubai: Hari Shankar Tibrewala, the Dubai based Indian entrepreneur is under scrutiny by India’s Enforcement Directorate for his alleged involvement in laundering money from illegal betting operations through investments in shares of companies listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The Tibrewala’s operation, linked to the MOB betting app, is accused of using a complex network of benami (proxy) bank accounts for money laundering and facilitating illegal betting platforms.
The Indian authorities have frozen 13 accounts believed to be closely associated with Tibrewala in connection with the case. They are as follows:
- Ability Games Pvt Ltd
- Ability Smartech Pvt Ltd
- Ability Ventures Pvt Ltd
- Brilliant Investment Consultants Pvt Ltd
- Dicovery Buildcon Pvt Ltd
- Forest Vincom Pvt Ltd
- Sawarnbhumi Vanijya Pvt Ltd
- Dream Achievers Consultancy
- Ecotek General Trading LLC
- Zenith Multi Trading DMCC
- Plus Commodities DMCC
- Caterfield Commodities DMCC
- JE Impex DMCC
The shares held by these entities amount to over UAED 26,63,05,450. Notable investments by Tibrewala-linked firms include stakes in various Indian companies, with holdings in some cases being less than 1 percent of the equity.
The scheme allegedly utilized Suraj Chokhani, director of Dream Achiever Consultancy Service, for laundering and concealing the proceeds of crime under the guise of share investments. “Hari Shankar Tibrewala used Suraj Chokhani to launder and hide proceeds of crime under- the guise of share investment for Indian companies,” the official release said.
This action against Tibrewala and associated entities highlights ongoing efforts to combat illegal betting and money laundering, affecting financial markets and regulatory environments across borders.
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