Mumbai, September 3 (Daily Kiran) : The Enforcement Directorate (ED) launched a crackdown on the illegal online betting platform ‘Parimatch’ on September 3, 2026. This operation targeted 17 locations across five states, including Maharashtra, Rajasthan, Delhi, Gujarat, and Uttar Pradesh.
The investigation stems from a First Information Report (FIR) filed at Mumbai’s Cyber Police Station. Allegations suggest that Parimatch deceived users through online betting, amassing over ₹3,000 crores in just one year by promising high returns.
During the inquiry, the ED discovered a multi-layered system used to launder money generated from the betting network. Initially, the earnings were funneled through numerous “mule accounts,” which included accounts created as merchant accounts. The funds were then cycled through seemingly legitimate financial and commercial channels.
To conceal the betting proceeds, the platform utilized a Cash Management System (CMS) and Domestic Money Transfer (DMT) agents. Money received in merchant/mule accounts was transferred to accounts linked with CMS/DMT, where banking funds replaced legitimate cash collection cycles. Individuals connected to the betting network were provided with equivalent physical cash.
This cash was subsequently converted into DMT through hawala and crypto operators, eventually being transferred to crypto wallets controlled by the offshore Parimatch network. Payments were then funneled into the bank accounts of Indian tour and travel operators without any services rendered in return.
These banking credits were used by travel operators to account for funds received from foreign clients, while the same amount was collected in physical cash by Parimatch handlers outside India. At least ₹200 crores were transacted through two travel operators.
The investigation also uncovered a parallel system involving fake Overseas Direct Investment (ODI) transactions and fraudulent imports of services. This network facilitated the transfer of ₹500 crores overseas, utilizing fake valuation reports and forged documentation, with no real commercial basis for the transactions.
The ED’s inquiry revealed a complex web of mule and merchant accounts, CMS and DMT agents, tour and travel operators, domestic companies, foreign investment structures, hawala operators, and crypto channels. These entities are accused of concealing and transferring earnings from illegal online betting.
During the raids, the ED seized approximately ₹2.11 crores in assets, including ₹61 lakhs in cash, a kilogram of gold, and several incriminating documents and digital devices. Additionally, around ₹37 crores in bank balances have been frozen.
To date, the ED has frozen or seized assets worth approximately ₹150 crores in this case.
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