The Enforcement Directorate’s Mumbai Zonal Office conducted searches at 17 locations in Maharashtra, Rajasthan, Delhi, Gujarat, Daman, and Uttar Pradesh under the Prevention of Money Laundering Act. The raids were part of an investigation into the Cyprus-based illegal online betting platform Parimatch. Assets worth about Rs 1.56 crore, including cash of nearly Rs 1.2 crore, were seized during the operations.
The ED’s probe was initiated based on an FIR filed by the Cyber Police Station, Mumbai, against Parimatch.com for alleged online betting fraud. Investigators suspect that the platform, promising high returns, may have generated over Rs 3,000 crore in a year. The investigation uncovered a network of accounts and intermediaries used to collect and transfer user funds.
Officials revealed that Parimatch and its associates operated through a complex system involving mule accounts and payment channels to process user withdrawals. The platform allegedly used various accounts to route deposits and withdrawals, concealing the money trail. The ED also found misuse of banking networks and retail outlets to process funds linked to the platform.
The betting platform allegedly promoted its services through surrogate advertisements and local sports sponsorships. Parimatch reportedly used hyperlocal marketing strategies, sponsoring teams in cricket leagues across multiple states. The ED has frozen assets worth Rs 112 crore in the case and continues its investigation.
