Mumbai, May 27: The Enforcement Directorate (ED) has launched a significant operation against the illegal online betting platform ‘Parimatch.’ Raids were conducted simultaneously at 17 locations across Maharashtra, Rajasthan, Delhi, Gujarat, Daman, and Uttar Pradesh. This action falls under the Prevention of Money Laundering Act (PMLA). The platform is accused of raising substantial illegal funds through online betting and concealing them through various channels.
During the raids, the ED seized approximately ₹1.56 crore in assets, including around ₹1.2 crore in cash. Additionally, about ₹3.8 crore deposited in various bank accounts has been frozen. The agency also recovered several crucial documents and digital devices that are currently under investigation.
This operation was initiated based on an FIR registered at the Mumbai Cyber Police Station. ‘Parimatch’ is alleged to have lured individuals into investing by promising high returns through its online betting operations. Investigating agencies claim that the platform may have earned over ₹3,000 crore within a year.
The investigation revealed that the platform and its associated network utilized mule accounts, payment intermediaries, and fintech channels to collect users’ funds, attempting to obscure the money trail at multiple levels. In many cases, user withdrawals were not made directly from the platform’s accounts but were instead paid out by transferring deposits from other users in multiple parts to conceal the original source.
According to the ED, the accounts used for user deposits and withdrawals were opened in the names of software, technology, and fintech companies. These accounts were allegedly used to transfer funds under the guise of business transactions and payment gateway services.
The investigation also uncovered that the banking correspondent network, mobile money transfer agents, customer service centers, cash management services, local grocery stores, and retail outlets were reportedly misused. Users’ funds were first transferred to retailers and then sent to various wallets through BC agents. This entire process aimed to hide the true source of the money.
The ED further claimed that some agents sent cash received from CMS channels abroad via hawala networks. ‘Parimatch’ extensively promoted its platform through surrogate advertisements under names like Parimatch Sports and Parimatch News. According to the investigating agency, the company also distributed promotional material through commerce apps to attract new users.
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