Kalyanji Bhagat was born a farmer in the village of Ratadia, Ganesh Wala in Kutch, Gujarat. Kalyanji's family name was Gala and the name Bhagat, a modification of bhakt, was a title given to their family by the King of Kutch for their religiousness. He arrived as a migrant in Bombay in 1941 and initially did odd jobs such as masala ferriwala (spice seller) to managing a grocery store. In the 1960s, when Kalyanji Bhagat was running a grocery shop in Worli, he pioneered matka gambling by accepting bets based on the opening and closing rates of cotton traded on the New York wholesale market. He used to operate from the compound of his building Vinod Mahal, in Worli. After Kalyanji Bhagat, his son Suresh Bhagat managed the business along with his wife Jaya Bhagat whom he married in 1979.
On June 11, 2008, a truck rammed into a Mahindra Scorpio in which Suresh Bhagat and six others, including his lawyer and bodyguards were travelling, killing all of them. They were returning from an Alibaug court, where the hearing of a 1998 narcotics case had been held. During investigations by the police it was revealed that Hitesh Bhagat (Suresh Bhagat's son) and his mother Jaya Bhagat had hatched the plot to kill Suresh Bhagat. Hitesh and nine others, including Jaya, were arrested and were tried under the stringent act of Maharashtra Control of Organised Crime Act and subsequently convicted.
Rattan Khatri, known as the Matka King, from the early 1960s to mid-1990s controlled a nationwide illegal gambling network with international connections which involved several lakh punters and dealt with crores of rupess. Khatri's matka started in the bustling business area of Dhanji Street in Mumbadevi where idlers used to wager on the daily trickle of the fluctuating cotton rates from the New York market. Gradually, it became a big gambling hub as the quantum of bets and betters increased. Due to a row over a winning number plus the New York marketâ€™s five-day week schedule, compulsive betters began looking for alternatives. Based on the requests of his friends, Khatri started his own syndicate and started drawing three cards to decide the dayâ€™s number. Khatri's betting was considered more genuine as the cards were reportedly opened in the presence of the patron. During the emergency in India, Khatri was jailed and served 19 months behind bars. He has retired from the gambling business and lives near Tardeo; however, he still does visit the Mahalaxmi Racecourse to bet on his favorite horses.
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