ED Conducts Raids At Payment Companies, CAs In Online Betting Case
ED searches payment firms and CAs linked to online betting.
The Enforcement Directorate (ED) on Wednesday conducted fresh multi-state searches in connection with a money laundering investigation involving online betting platform Parimatch and some other entities, officials said. The searches covered payment companies, chartered accountants and company secretaries suspected of facilitating the movement of betting proceeds. The operation was carried out across four states as part of the agency’s ongoing investigation.
According to ED officials, searches were conducted at five locations in Maharashtra, four in Delhi-NCR, two in Rajasthan and one in Gujarat. The agency is examining the role of payment companies that allegedly helped convert proceeds generated through online betting into cash. The investigation is also looking into the involvement of professionals who allegedly facilitated financial transactions linked to the betting operations.
The payment companies under investigation allegedly helped route funds through chartered accountants and company secretaries before transferring the money abroad through illegal remittances. Officials also alleged that “sham” Overseas Direct Investment transactions were used to move funds through payment gateways on behalf of Parimatch. The agency is examining the financial trail to establish how the alleged proceeds were collected, converted and transferred.
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The case originated from an FIR registered by the cyber police station of the Mumbai Police against parimatch.com. The complaint relates to allegations that users were duped through online betting activities. The ED subsequently initiated a money laundering investigation to trace the proceeds allegedly generated through the activities under investigation.
The agency has previously conducted searches in connection with the case and attached assets as part of its investigation. The latest operation expands scrutiny to payment companies and financial professionals allegedly connected to the movement of funds. The searches are aimed at gathering further evidence and identifying the financial networks involved in the alleged transactions.
The ED’s latest action comes as part of its continuing probe into the suspected laundering and overseas movement of funds linked to online betting operations. Officials are examining records and transactions recovered during the searches to establish the alleged flow of money. Further action in the case will depend on the evidence gathered during the ongoing investigation.
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