Mumbai, September 3 (IANS) The Enforcement Directorate’s (ED) Mumbai Zonal Office on Thursday conducted search operations at 17 locations across Maharashtra, Rajasthan, Delhi, Gujarat and Uttar Pradesh under the Prevention of Money Laundering Act (PMLA), 2002.
The action forms part of an ongoing investigation into the Cyprus-based illegal online betting platform “Parimatch”.
The ED probe was initiated on the basis of an FIR registered by the Cyber Police Station in Mumbai against Parimatch.com for allegedly duping users.
Investigation has revealed that the platform generated more than Rs 3,000 crore in a single year by luring users with promises of high returns, an ED press note said.
The ED found a sophisticated multi-layered mechanism used to route and launder the proceeds.
Betting funds were first channelled through multiple mule accounts, including those onboarded as merchant accounts, and then layered through apparently legitimate financial channels.
Cash Management System (CMS) and Domestic Money Transfer (DMT) agents played a key role.
Funds received in merchant or mule accounts were diverted to CMS/DMT-linked accounts, where banking credits replaced the legitimate cash cycle, while equivalent physical cash was supplied to persons linked to the betting network.
This cash was later converted into USDT through hawala and crypto operators and transferred to wallets controlled by the offshore Parimatch network.
A parallel route involved Indian tour and travel operators.
Funds originating from the Parimatch network were credited into the bank accounts of these operators through payment intermediaries without any corresponding services being provided, it said.
The banking credits were used to settle purported dues of overseas clients, while matching amounts were collected in cash by Parimatch handlers abroad.
Transactions of at least Rs 200 crore were routed through two such operators.
Investigators also identified sham Overseas Direct Investment (ODI) transactions and bogus imports of services through which Rs 500 crore was layered and remitted abroad.
These remittances were supported by fabricated valuation reports and fictitious Form 15CA/15CB documentation, despite lacking genuine commercial substance.
“The searches led to the seizure of movable properties worth around Rs 2.11 crore, including cash of Rs 61 lakh and a one kg gold bar, along with incriminating documents and digital devices.
Bank balances of about Rs 37 crore were frozen. So far, the ED has frozen or seized assets worth around Rs 150 crore in the case,” the press note said.
–IANS
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