ED Cracks Down on Betting Website: 19 Raids Uncover Rs 8 Crore in Assets

The Enforcement Directorate conducted raids in Mumbai and Pune as part of a money laundering investigation against the website 'Fairplay', which is accused of online betting on 2024 Lok Sabha election results and illegal broadcasting of IPL cricket matches. Assets worth Rs 8 crore were seized.

PTI | New Delhi | Updated: 13-06-2024 19:51 IST | Created: 13-06-2024 19:51 IST
ED Cracks Down on Betting Website: 19 Raids Uncover Rs 8 Crore in Assets
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The Enforcement Directorate (ED) on Thursday announced it has conducted a series of raids across Mumbai and Pune, targeting the website 'Fairplay' as part of an ongoing money laundering investigation. The website is alleged to have engaged in online betting on the 2024 Lok Sabha election results and the unlawful broadcast of IPL cricket matches.

The raids, which took place on Wednesday, spanned 19 locations in Maharashtra's key cities, revealed the ED in an official statement. During the operation, the federal agency seized or froze assets including cash, bank funds, demat account holdings, and luxury watches amounting to Rs 8 crore. Additionally, various incriminating documents and digital devices were also confiscated.

The ED's investigation connects to an FIR filed by the Mumbai Police cyber cell, initiated by a complaint from Viacom18 Media Pvt Limited. The complaint was lodged against Fairplay Sport LLC and other entities, citing a revenue loss of over Rs 100 crore. The investigation unveiled a complex web of financial transactions involving shell bank accounts and bogus billing, with funds allegedly siphoned off to overseas entities in Hong Kong, China, and Dubai.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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