Mahadev Forex was not a legitimate, regulated foreign exchange brokerage. Instead, it was a key component of the "Mahadev Online Book" illegal betting application syndicate. According to investigations by India's Enforcement Directorate (ED), Mahadev Forex was used to facilitate large-scale hawala transactions and launder the proceeds of the illegal betting operations. The network allegedly moved funds from India to overseas accounts, primarily in the UAE, through a complex web of shell companies and illicit forex channels, bypassing the legal banking system. The entire operation is subject to a major ongoing investigation for fraud, money laundering, and illegal betting.