Police in Madhya Pradesh's Ujjain have busted a betting racket by arresting nine people and recovering Rs 14.58 crore in cash during raids in different parts of the city, an official said on Friday.

According to the police, they had received information about a racket involved in betting on the ongoing T-20 Cricket World Cup and online games.

"We received information that a person named Piyush Chopra is involved in large-scale online betting. We acted on the information for two days. Police teams conducted raids in two to three areas including Musaddipura and 19 Dream Colony on Thursday evening." Range Inspector General of Police (IG) Santosh Kumar Singh told reporters.

He said the teams recovered cash worth Rs 14.58 crore and currencies of seven countries including pound and dollar, more than 40 mobile phones, laptops and other gadgets were also seized.

The police arrested nine people hailing from Neemuch in Madhya Pradesh and Ludhiana in Punjab who were involved in illegal activity, the official said.

He said a search was launched to nab the main accused Piyush Chopra, who has made several foreign trips.

“We are going to issue a look-out circular (LOC) to ensure that he cannot flee the country,” Singh said.

He said that considering the scale of the racket, the Income Tax Department, Enforcement Directorate (ED) and other agencies will also be informed.