A businessman from Nagpur has incurred a staggering loss of Rs 58 crore in online gambling, leading to a police investigation that resulted in the discovery of a suspected bookie's involvement.

The police conducted a raid at the bookie's residence in Gondia city, located 160 km away from Nagpur, and seized Rs 17 crore in cash besides 14 kg of gold from the house, police said here on Saturday.