New Delhi Post proudly launches its monthly magazine, brimming with investigative journalism, sharp analysis, and compelling storytelling. We are proud to unveil our inaugural edition at the Press Club of India, in the presence of an esteemed gathering. Our work probes beneath the surface, uncovers wrongdoings, and provokes thought through uncompromising honesty. We aim to hold the powerful accountable, amplify unheard voices, and highlight solutions that can inspire real change. Every page of our debut issue reflects our commitment. Our flagship story, “Devil of Fraud,” stands out as a landmark investigation, exposing one of the biggest scams in recent memory. It tells the story of Dream11, a multi-billion-dollar brand with Indian faces and foreign ownership, accused of amassing massive wealth while flagrantly violating the rules. Our exclusive report, “Adani’s Relentless Legal Pursuit,” reveals how the billionaire businessman has systematically targeted activists in Australia. We report from the ground in “Endgame in the Red Corridor,” capturing Bastar’s struggle to rebuild in the wake of a Maoist retreat. In “Terror Reboot in Bangladesh,” we explore the emerging Dhaka-Islamabad nexus and its implications for India’s national security. Our exclusive “Stonewalling in Space” examines the government's opaque handling of private sector roles in space exploration. Our “Perspective” section features incisive commentary from India’s foremost strategic and political thinkers—G Parthasarathy, C Uday Bhaskar, K V Rajan, and Vinod Sharma— offering clarity in complex times. With this issue, we set out on a journey—one that we hope to share with you, our readers. Together, let us move forward in pursuit of truth, accountability, and transformation.
In the inaugural issue of New Delhi Post , we introduce our Flagship Story, exposing the dirty secrets of a household name, Dream11
DEVIL OF FRAUD
- Global round-tripping and money laundering
- India’s wealth moves overseas
- Reintroduces as FDI via offshore structures
- No actual Indian shareholders; “puppets” are frontmen
- Unknown true beneficiaries
- FDI despite sectoral policy ambiguity
- Inflated company valuations to benefit stakeholders
- Serious concern regarding corporate structure
- Sponsors the Indian cricket team despite foreign ownership
- Silence from BCCI and Indian authorities
Fake Addresses, Fake Identity
Since its inception in 2013, Dream11 Inc. (later renamed Dream Sports Inc.) has listed questionable addresses as its headquarters in the United States. It was first registered in Delaware—a global hub for opaque offshore structures—using an address belonging to CSC, a corporate services firm known for representing thousands of anonymous entities. The company later changed its address to New Jersey, moving to the premises of an accountancy firm run by Indian-origin professionals. Neither location functions as an active office: no staff are present there, and no business activities occur. These are mail-forwarding addresses, essentially P.O. boxes, often linked to shell companies. Further discrepancies appear in official filings. Dream11 Inc. submitted an 11-digit Company Identification Number—52985018100—to India’s Ministry of Corporate Affairs, although Delaware numbers are only seven digits. The correct Entity ID is 5298501. This is unlikely to be a clerical error; it appears to be a deliberate attempt to obscure ownership. In New York, a separate entity—Dream Sports Inc.—is also registered, adding another layer to an already opaque corporate structure.
Shadowy Ownership
Dream11 Inc., registered in the US, acquired shares in the Indian firm Adwaiya Realtors Pvt Ltd—later renamed Dream11 Fantasy Pvt Ltd. Initially operating under the brand name Dream Fantasy, the company had a capital of 10,000 shares: 9,950 held by Harsh Jain and 50 by Bhavit Sheth. In 2015, all but one share—retained by Bhavit—were quietly transferred to Dream11 Inc., giving the US entity 99.99% ownership of the Mumbai-based shell company, which had no employees and only a paper office. Notably, Harsh is the son of Anand Jaikumar Jain—Dhirubhai Ambani’s confidant, often called his “third son.” On 24 February 2019, Bhavit transferred his final 50 shares, handing Dream11 Inc. full foreign ownership—at a time when India lacked a regulatory framework for online fantasy gaming. Strangely, there is no public record of this transaction. No board resolution was filed with the Registrar of Companies, nor is it known whether the stake was sold, gifted, or restructured—yet crores worth of equity changed hands without any regulatory scrutiny. On 28 May 2019, the company was renamed Sporta Technologies Pvt Ltd. A year earlier, Fumistic Gaming LLP was renamed Dream Duo, and in a curious development, the families of Harsh and Bhavit were appointed as its directors. By 2024, another reshuffle took place. All directors were replaced, and Sambhav Shrenik Mehta—formerly of Dream11 Gaming Zone LLP— returned as Dream Duo’s director. These new faces were linked to Clover Media Pvt Ltd, a firm tied to Anand Jain’s network. In April 2024, Dream11 publicised this reshuffle as its “homecoming” to India. But our investigation reveals it as a crafted narrative to disguise a deeper corporate strategy. Behind the layers lies Anand Jain’s discreet influence, hinting at a strategic connection to Reliance Industries. Has Dream11 Inc. shut its US arm? No. Has the 99.99% stake, transferred at ₹10 per share, returned to India? That remains unclear. The company continued laundering black money, inflating valuations, expanding globally by partnering with South Africa’s controversial Betway SA20 T20, and even sponsoring Team India—all while bypassing the MCA, FEMA, ED, and RBI.
Inflated Valuation
While inflated valuation is at the core of the Dream11 scandal, the company went to great lengths to give its operations an air of legitimacy. It touted partnerships with high-profile cricketing bodies and figures— including the ICC, BCCI, IPL, and Indian cricketers—to boost credibility and justify astronomical share prices. One such price: ₹5,62,246 per share, despite a face value of just ₹10.
New Delhi Post investigation has uncovered the method behind this valuation racket. The main entity in the spotlight is Sporta Technologies, aided by three companies—chief among them, Dream11 Inc.—used by shadow promoters to project a bloated valuation of ₹1,568 crore. On 24 February 2022, Sporta’s equity shares were abruptly valued at ₹5,62,246 each. Soon after, 2,933 shares were sold at ₹3,09,313 apiece— far below the newly declared valuation, but still vastly inflated. This discrepancy raises red flags pointing to possible financial offences, including money laundering, round-tripping, benami ownership, tax evasion, and fundraising through artificial overvaluation. As of 31 August 2021, foreign promoters held 1,041,264 equity shares in Sporta Technologies, giving Dream11 Inc. a 97.17% stake. Months earlier, on 31 March 2021, a valuation report by chartered accountant Harsh Chandrakant Ruparelia had pegged each share’s value at ₹3,09,300. Based on this, 2,933 shares were allotted to Antordaya Commercial Pvt Ltd. On 17 January 2017, another investor—Multiples Private Equity Fund LLP— was issued 279 CCPS at ₹100 face value, but with a massive premium of ₹3,29,961.68 per share, totalling ₹14.77 crore in paid-up capital. By March 2021, Dream Sports Inc. held 1,031,189 equity shares in Sporta Technologies. By 24 February 2022, each of these was valued at ₹5,62,246—raising the notional worth of its holding to ₹5,801.29 crore, marking a staggering 56,250% return. That same day, a Discounted Cash Flow (DCF) valuation by registered valuer Shashank Maloo estimated the company’s total equity value at ₹58,876.64 crore, based on 1,047,169 outstanding shares. On 31 December 2021, Dream Sports Inc. was allotted 279 CCPS at ₹100 each. These were converted into 12,969 equity shares on 15 February 2022 and formally issued on 28 March. The ₹27,900 investment was transformed into ₹72.95 crore worth of equity—a return of over 2,615 times—suggesting round-tripping disguised as restructuring. Each ₹100 share was ultimately valued at ₹5,62,246.
Puppet Frontmen
Though no longer a shareholder, Bhavit remained the public face of India’s largest fantasy gaming platform, even as real control shifted offshore. He simultaneously served as director of both the Indian and US entities, often signing documents on behalf of both in the same transactions. Board resolutions in India were passed under his name, with authorisations routed via New Jersey and email trails pointing directly to him. His signature also appears on loan documents submitted to Indian banks, raising serious questions of legal jurisdiction: does liability rest in India or the US? On paper, Bhavit executed everything—signing, authorising, and legitimising what now appears to be a complex cross-border paper fraud. His dual role allowed one person to control both ends of a corporate shell, effectively bypassing safeguards against conflicts of interest. On the other hand, Harsh stayed largely in the shadows.
