ED Busts Casino Cash Racket: Huge Seizures and Foreign Currencies
The Enforcement Directorate seized Rs 2.25 crore and Rs 8.5 lakh in foreign currency during searches against a Goa-based casino and its linked entities. Investigations revealed illicit activities including currency exchanges for poker chips and cryptocurrency transactions to facilitate fund transfers abroad.
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- India
The Enforcement Directorate (ED) has seized Rs 2.25 crore in cash along with foreign currency worth Rs 8.5 lakh in a crackdown on a Goa-based casino operation spanning multiple states.
Targeting companies like Golden Globe Hotels and Big Daddy Casino, the ED's multi-state operation, launched on Sunday, aims to dismantle illegal financial activities contravening the Foreign Exchange Management Act (FEMA).
Investigations uncovered poker chips being exchanged for foreign currency and winnings disbursed accordingly. Cryptocurrency wallets and mule accounts were used for international fund transfers, often to Dubai, raising serious regulatory concerns.
(With inputs from agencies.)
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