INDIAN GAMING
Durg police busts major online betting syndicate linked to Mahadev App
During a raid in Chattisgarh’s Durg district at the VIP Cafe (hookah bar) in the Supela police station area, the police uncovered major connections to the Mahadev online betting app. The police have arrested four people, including a bank employee reported NW News.
The police raided this prohibited hookah bar in Bhilai, Chhattisgarh, based on information about illegal hookah consumption. The police not only found hookahs at the scene but also uncovered several pieces of evidence related to the Mahadev online betting app. The police have discovered transactions worth 9 crore rupees in this case.
In addition to the arrested cafe manager, the police have also arrested Santosh Kosre and Kunal Soni. Santosh works as a private employee at Canara Bank in Supela. Due to being a bank employee, he easily opened people’s accounts in the bank, reported AmarUjala. With Kunal’s help, he used to sell this account to a group
accused by raiding and apprehending them near Ganda Chowk in Supela and presented them before the court.
involved in online betting for 40 to 50 thousand rupees. The police are investigating further in this case, and more success may be achieved in the future.
The alleged masterminds behind this case Ricky Parakh and his brother, are still absconding. Durg SP Jitendra Shukla formed a team to investigate the matter. During the investigation, information was received that in this operation, Canara Bank employee Santosh Kumar Kosre and his accomplice Kunal alias Kunal Soni were involved. The police have arrested both the
Supela police had taken action late at night after receiving information about the operation of the hookah bar. During the search in the hookah bar, clues related to online betting were found. Priyanshu Nile, a resident of Kosab Nagar Bhilai, had complained to Supela police station that two people named Gurusharan and Kunal Soni had deceived him and opened a bank account in his name. They had bought a fake SIM card in his name. Now, they are making transactions worth lakhs in his account. During this raid, the police seized bank passbooks, chequebooks, and 50 mobile phone SIM cards. It was revealed during the interrogation of the suspects that all these bank passbooks and SIM cards were being used for transactions in the Mahadev online betting app.
NCLAT grants relief to Dream11 parent company in insolvency case
The National Company Law Appellate Tribunal (NCLAT) has granted relief to Sporta Technologies, the parent company of the fantasy gaming platform Dream11, by setting aside the corporate insolvency resolution process (CIRP) initiated against it. This decision comes as a result of rejecting a petition by Reward Solutions, a move that restores Sporta Technologies to its pre- insolvency stage.
As reported by The Economic Times, The NCLAT ruling, issued on April 18, 2024, concluded that the default date for the debt claimed by Reward Solutions fell within the timeline protected by Section 10A of the Insolvency and Bankruptcy Code, 2016. This section prohibits the initiation of CIRP for defaults occurring between March 25, 2020, and March 25, 2021, aiming to shield businesses affected by the COVID-19 pandemic.
Reward Solutions had filed a petition before the National Company Law Tribunal (NCLT), Mumbai, alleged a default of Rs. 7.61 crore by Dream11 regarding a lease and license agreement. This agreement was executed between Reward Solutions and Sporta Technologies, with Dream11 being admitted into insolvency by NCLT in February, prompting Sporta Technologies to appeal to NCLAT.
The NCLAT concluded that the NCLT had erred in admitting the CIRP application by Reward Solutions, stating, “NCLT had
incurred in managing the company during the period from February 9, 2024, to the date of the ruling.
The legal battle traces back to a Leave and License Agreement executed between Reward Business Solutions Private Ltd. and Sporta Technologies Private Limited in December 2019. The agreement covered premises leased to Sporta Technologies in Mumbai for a period of five years, with defined payment terms.
In response to the ruling, Bhavit Sheth, the co-founder and COO of Dream11, stating that the decision reaffirms the company’s commitment to fair business practices and compliance with regulatory frameworks.
committed an error in admitting Section 9 CIRP application by the impugned order dated February 9, 2024,” and subsequently set aside the February order. Furthermore, the NCLAT directed Sporta Technologies to compensate the Resolution Professional (RP) for the costs
Founded by industry veterans, G2G News is an independent news portal covering all developments relating to online gaming,
poker, gambling, casino, cricket betting and esports in India and the Indian subcontinent.
www.g2g.news MAY 2024 35
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