ED raids 12 places across four states in Cyprus-based betting platform Parimatch probe
The search operation is continued by the ED's Mumbai zonal office under section 17 of PMLA, 2002, which grants authorised officers the power to conduct search and seizure operations if they have documented reasons to believe that a person is involved in money laundering or possesses proceeds of crime, covering the premises of the suspects linked to the case
The Enforcement Directorate (ED) carried out searches at 12 locations in Maharashtra, Delhi-NCR, Rajasthan, and Gujarat, in connection with a money laundering case involving the Cyprus-based online betting platform Parimatch, according to officials. The search operation started early Wednesday and targeted payment companies, Chartered Accountants, Company Secretaries, and payment gateways that facilitated the transfer of funds from the platform.
The ED is currently investigating the case under section 17 of the Prevention of Money Laundering Act (PMLA), 2002, and has seized approximately Rs 1.56 crore in movable assets and frozen funds worth Rs 3.8 crore. The agency has also found and seized various incriminating documents and digital devices. The ED initiated the investigation based on an FIR registered against Parimatch.com for duping users with high returns.
The investigation revealed that the platform used a complex network of mule accounts, payment intermediaries, and financial channels to collect, layer, and transfer user funds. User deposits and withdrawals were routed through multiple current accounts, BC networks, mobile money transfer agents, Grahak Seva Kendras, cash management services, kirana stores, and retail outlets.
Parimatch aggressively promoted its betting platform through surrogate advertisements in local cricket leagues and quick-commerce applications.
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