ED Cracks Down on Multi-State Betting Scam

The Enforcement Directorate conducted extensive searches across multiple states to investigate a money laundering scheme linked to an illegal betting app named Parimatch. The inquiry, initiated from a 2024 cyber police FIR, uncovered Rs 2,000 crore laundered through layered financial transactions using crypto wallets and mule accounts.

The Enforcement Directorate (ED) intensified its crackdown on illegal money laundering activities by conducting searches across multiple states on Tuesday. As part of this operation, the agency focused on activities related to the illegal betting app, Parimatch, which allegedly swindled individuals out of an estimated Rs 2,000 crore.

According to official sources, searches were underway at 15 different locations, including Mumbai, Delhi-NCR, Hyderabad, Jaipur, Madurai, and Surat. These actions stem from a 2024 FIR filed by the Mumbai cyber police under the Prevention of Money Laundering Act. The investigation reveals that funds were collected from deceived users and subsequently funneled through mule accounts to obscure their origins.

The ED's investigative team has so far seized various documents, mobile phones, and computer peripherals. The funds, approximating Rs 2,000 crore, were allegedly moved through a complex network involving crypto wallets and multiple financial transactions, including low-value UPI transfers and ATM withdrawals concentrated in Tamil Nadu.

(With inputs from agencies.)