ED Cracks Down on Magicwin: Seizes Rs 30 Lakh, Freezes Crypto Assets Worth Rs 14 Crore

The Directorate of Enforcement (ED) and Cyber Crime Police conducted searches in multiple cities against Magicwin. Incriminating materials, digital devices, and Rs 30 lakh in cash were seized. Crypto assets worth Rs 14 crore were frozen. The investigation relates to the illegal broadcast of ICC Men's T20 World Cup 2024 matches.

The Directorate of Enforcement (ED), Ahmedabad Zonal Office, in collaboration with the Cyber Crime Police Station, conducted search operations at 20 locations across Delhi-NCR, Bengaluru, Lucknow, and Coimbatore. The action relates to the case against Magicwin and others under the Prevention of Money Laundering Act (PMLA), 2002.

During the operations, authorities seized incriminating records, digital devices, and Rs 30 lakh in cash. Additionally, approximately Rs 2 crore was frozen, and crypto wallets containing a balance of about Rs 12 crore were identified. Crypto exchanges have been instructed not to liquidate the cryptocurrencies in these wallets.

According to the ED, the investigation stemmed from an FIR registered at the Cyber Crime Police Station, Ahmedabad. It was alleged that Magicwin's website had unauthorisedly hosted, streamed, and broadcast ICC Men's T20 World Cup 2024 matches, leading to significant financial losses to Star India Pvt. Ltd., which holds the broadcasting rights. Further investigation revealed that the site was involved in illegal activities, including betting on live cricket matches and other games.