The Directorate of Enforcement (ED) has launched an investigation into Pay10 Services Private Limited (Pay10), Asian Checkout Private Limited (ACPL), and others, payment aggregator platforms, for their involvement in significant digital and cyber fraud-related money laundering activities. PMLA searches were conducted at various locations associated with Pay10, ACPL, and related individuals and entities from 13 May 2026 to 15 May 2026. Incriminating documents related to money laundering were discovered and confiscated during the searches. Additionally, cash totaling about Rs 1.4 crore, jewelry, bullion valued at around Rs 65 lakh, and digital devices containing evidence of money laundering were seized.
ED has also seized four luxury vehicles connected to Pay10 and ACPL. The investigation has uncovered a sophisticated modus operandi that facilitated the laundering of hundreds of crores of rupees through fake websites and payment gateways. Fake websites were set up to show false sales of goods and services without any genuine business activity. The funds from these transactions were funneled through payment gateways and then layered, diverted, and concealed to mask their illegal source. Pay10 and ACPL, posing as payment aggregators/payment gateways, aided money laundering by bringing on board fake merchants, creating fraudulent invoices, including GST-related ones, and enabling transactions related to betting, gaming, and cyber fraud activities.
The Ultimate Beneficial Owner (UBO) of Pay10 has been identified as an individual from Grenada based in Dubai, UAE. Chartered Accountants (CAs) have also been implicated. The investigation has revealed the laundering of Proceeds of Crime from illegal online betting, fake invoices from fictitious garment merchants, and other criminal proceeds. Unaccounted cash settlements are conducted through multiple hawala operators. The public has been cautioned against engaging with unauthorized online betting or gambling platforms, transferring funds to suspicious UPI IDs or unknown payment links related to betting apps/websites, and sharing personal or banking details on such platforms. Any information on illegal betting operations, payment channels, or associated entities should be reported to the nearest law enforcement agency. The investigation is ongoing.
