The Directorate of Enforcement (ED) on Wednesday conducted searches at 12 locations across Maharashtra, Rajasthan, Delhi-NCR and Gujarat under the Prevention of Money Laundering Act (PMLA) as part of its ongoing investigation into the Cyprus-based illegal online betting platform Parimatch.
MUMBAI — The Directorate of Enforcement (ED) on Wednesday conducted searches at 12 locations across Maharashtra, Rajasthan, Delhi-NCR and Gujarat under the Prevention of Money Laundering Act (PMLA) as part of its ongoing investigation into the Cyprus-based illegal online betting platform Parimatch.
The searches were carried out at five locations in Maharashtra, two in Rajasthan, one in Gujarat and four locations across Delhi-NCR in connection with the case involving Parimatch and others.
According to the investigation agency, the premises searched included those linked to payment companies allegedly involved in converting betting proceeds into cash through Cash Management System (CMS) agents.
The searches also covered Chartered Accountants (CAs) and Company Secretaries who allegedly facilitated the transfer of proceeds out of the country through illegal remittances and sham Overseas Direct Investment (ODI) transactions.
Payment gateways that allegedly handled the collection and disbursement of funds, including pay-ins and payouts on behalf of Parimatch, were also among the premises covered during Wednesday's searches.
The latest action comes months after the ED's Mumbai Zonal Office conducted searches at 17 locations across Maharashtra, Rajasthan, Delhi, Gujarat, Daman and Uttar Pradesh in May this year in connection with the same investigation.
During the raids, the agency seized movable assets worth around INR 1.56 crore, including cash amounting to nearly INR 1.2 crore. The ED also froze approximately INR 3.8 crore lying in various bank accounts. Several incriminating documents and digital devices were recovered during the search operations.
The ED initiated the investigation on the basis of an FIR registered by the Cyber Police Station, Mumbai, against Parimatch.com for allegedly duping users through online betting operations.
According to investigators, the platform lured investors with promises of high returns and is suspected to have generated more than INR 3,000 crore in a year.
The investigation revealed that Parimatch and its associates allegedly operated through a complex network of mule accounts, payment intermediaries, and financial inclusion channels to collect, layer and transfer user funds.
Investigators also found that the platform advertised through leading quick-commerce applications and circulated promotional material along with grocery deliveries to attract and onboard new users. These advertisements were strategically displayed during app usage and order placements.
The ED said it has so far frozen assets worth Rs 112 crore in the case. Further investigation is underway.