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ED Searches 12 Locations Across Four States in Parimatch Money Laundering Case
The Enforcement Directorate conducted searches at 12 locations across Maharashtra, Delhi-NCR, Rajasthan and Gujarat in connection with a money laundering investigation into Cyprus-based online betting platform Parimatch. The searches targeted payment companies, chartered accountants and payment gateways allegedly involved in converting and transferring betting proceeds. The agency has frozen assets worth Rs 112 crore in the case so far.
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ED Conducts Searches in Parimatch Case
The Enforcement Directorate (ED) on Wednesday carried out searches at 12 locations across Maharashtra, Delhi-NCR, Rajasthan and Gujarat in connection with a money laundering case involving Cyprus-based online betting platform Parimatch, officials said. The searches, which began early in the day, covered five premises in Maharashtra, four in Delhi-NCR, two in Rajasthan and one in Gujarat.
The operation was conducted by the ED's Mumbai zonal office under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002, which authorises officers to conduct searches and seizures when there are documented reasons to believe a person is involved in money laundering or possesses proceeds of crime.
Premises Targeted
The premises searched include those of payment companies alleged to have converted betting proceeds into cash through Cash Management System (CMS) agents. Also covered were the offices of chartered accountants and company secretaries accused of facilitating the transfer of proceeds out of the country through illegal remittances and sham overseas direct investments (ODIs). Payment gateways that handled pay-ins and payouts on behalf of Parimatch were also among the locations searched.
Previous Searches and Investigation
This is not the first action in the case. On May 26 this year, the ED conducted similar searches at 17 locations across Maharashtra, Rajasthan, Delhi, Gujarat, Daman and Uttar Pradesh. During those searches, movable assets worth approximately Rs 1.56 crore, including cash of about Rs 1.2 crore, were seized, and about Rs 3.8 crore in bank accounts were frozen. Several incriminating documents and digital devices were also recovered.
The investigation was initiated on the basis of a First Information Report (FIR) registered by the Cyber Police Station in Mumbai against com for allegedly duping users through online betting operations. According to investigators, the platform lured investors with promises of high returns and is suspected of generating more than Rs 3,000 crore in a year.
Modus Operandi Revealed
The ED's investigation so far has revealed that Parimatch and its associates adopted a complex network of mule accounts, payment intermediaries and financial inclusion channels for the collection, layering and transfer of user funds. The agency earlier said that in certain instances, user withdrawals were processed without any direct outward payment from accounts controlled by the platform. Instead, deposits made by other users were routed directly into the withdrawing user's bank account or UPI-ID in multiple tranches, concealing the actual money trail.
The investigation also found that user deposits and withdrawals were routed through multiple current accounts opened in the names of software, fintech and technology-related entities, which were also engaged in genuine business activities. These accounts were allegedly used for collecting user deposits and routing payouts under the guise of vendor payments, business transactions and payment gateway services.
Further, the May search operation revealed misuse of Banking Correspondent (BC) networks, mobile money transfer agents, Grahak Seva Kendras, Cash Management Services, local kirana stores and retail outlets for processing payouts and moving funds linked to the platform. The ED described a layered mechanism where user funds were routed through retailers and Grahak Seva Kendras operating under BC networks. Money was first transferred to retailers, who then passed it on to the BC, and the BC in turn recharged the wallets of those retailers. Once loaded, the retailers used the wallets to make payouts to Parimatch users, concealing the source and trail of funds.
Certain agents allegedly diverted cash received through CMS channels and adjusted it against RTGS transfers sourced from deposits made by Parimatch users. This cash was subsequently transferred outside India through hawala channels, the ED said.
Promotional Tactics
The investigation also revealed that Parimatch promoted its betting platform through surrogate advertisements under the names 'Parimatch Sports' and 'Parimatch News'. Unlike other betting websites, Parimatch focused on hyperlocal marketing, sponsoring teams in local cricket leagues across more than 15 states in India, as well as hockey and football tournaments. The platform also promoted betting-related advertisements through leading quick-commerce applications and circulated promotional material along with grocery deliveries to attract and onboard new users, with ads strategically displayed during app usage and order placements.
Asset Freeze
The ED has so far frozen assets worth Rs 112 crore in the case. Further investigation is underway.
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Framing: The headline emphasizes the action of the Enforcement Directorate (ED) raiding 12 places across four states in connection with the Cyprus-based betting platform Parimatch.
Facts Included:
The Enforcement Directorate (ED) on Wednesday carried out searches at 12 locations across Maharashtra, Delhi-NCR, Rajasthan and Gujarat in connection with a money laundering case of Cyprus-based illegal online betting platform Parimatch.
The searches started early on Wednesday, including five premises in Maharashtra, four in Delhi-NCR, two in Rajasthan and one in Gujarat.
Officials said the premises covered include those of payment companies who have converted betting proceeds into cash through Cash Management System agents, Chartered Accountant (CA) and Company Secretaries who have facilitated shifting the proceeds out of country through illegal remittances and sham Overseas Direct Investment(ODI) investments, and Payment Gateways who have handled paying and payout on behalf of Parimatch.
The search operation is being continued by the ED's Mumbai zonal office under section 17 of PMLA, 2002.
On May ǀ 26 this year, the federal agency had also conducted similar search operations under the Prevention of Money Laundering Act(PMLA,2002) at n 17 locations in Maharashtra, Rajasthan, Delhi, Gujarat, Daman and Uttar Pradesh.
ED initiated an investigation on the basis of a First Information Report(FIR) registered by the Cyber Police Station in Mumbai against com for duping users through the online betting platform Parimatch.
They defrauded investors, luring them with high returns, generating over Rs 3,000 crore in a year.
The federal agency's investigation conducted so far has revealed that "Parimatch and its associates adopted a complex network of mule accounts, payment intermediaries and financial inclusion channels for collection, layering and transfer of user funds."
"In certain instances, user withdrawals were processed without any direct outward payment from accounts controlled by the platform. Instead, deposits made by other users were routed directly into the withdrawing user's bank account or UPI-ID in multiple tranches, thereby concealing the actual money trail and avoiding a direct payment linkage," the ED had earlier said.
"Investigation has further revealed that user deposits and withdrawals were routed through multiple current accounts opened in the names of software, fintech and technology-related entities, which were also engaged in genuine business activities. Such accounts were allegedly used for collection of user deposits and routing payouts under the guise of vendor payments, business transactions and payment gateway services."
The then search operation had revealed misuse of Banking Correspondent(BC} networks, mobile money transfer agents, Grahak Seva Kendras, Cash Management Services(CMS, local kirana stores and retail outlets for processing payouts and movement of funds linked to the platform.
The ED has informed that "a layered mechanism wherein user funds were routed through retailers and Grahak Seva Kendras operating under Business Correspondent(BC) networks."
"The money was first transferred to such retailers, who then passed it on to the BC,and the BC in turn recharged the wallets of those retailers. Once such wallets were loaded, the retailers used them to make payouts to Parimatch platform users, which were subsequently used for making payouts to Parimatch users, thereby concealing the actual source and trail of funds."
"Certain agents allegedly diverted cash received through CMS channels and adjusted the same against RTGS transfers sourced from deposits made by Parimatch users, thereby disguising the true origin and trail of funds. Such cash funds were subsequently transferred outside India through hawala channels."
Further investigation has revealed that Parimatch aggressively promoted its betting platform through surrogate advertisements under the names 'Parimatch Sports' and 'Parimatch News.'
Unlike other betting websites, Parimatch focused on hyperlocal marketing wherein it sponsored teams in local cricket leagues across more than 15 States in India, besides hockey and football tournaments.
Its investigation has also revealed that the platform promoted betting-related advertisements through leading quick-commerce applications and circulated promotional material along with grocery deliveries to attract and onboard new users.
"Such advertisements were strategically displayed to users during app usageand order placements to attract and onboard new users to the platform."
The ED has so far frozen assets worth Rs 112 crore in this case.
Framing: The headline emphasizes the ED raids and mentions 12 places across four states and Cyprus, though Cyprus is not a state but a country — neutral, factual reporting
Facts Included:
ED carried out searches at 12 locations across Maharashtra, Delhi-NCR, Rajasthan and Gujarat
Searches started early on Wednesday, including five premises in Maharashtra, four in Delhi-NCR, two in Rajasthan and one in Gujarat
Premises covered include those of payment companies, Chartered Accountants, Company Secretaries, and Payment Gateways
Search operation is continued by ED's Mumbai zonal office under section 17 of PMLA, 2002
On May นี้ this year, ED had conducted similar searches at 17 locations in Maharashtra, Rajasthan, Delhi, Gujarat, Daman and Uttar Pradesh
ED initiated investigation on basis of FIR registered by Cyber Police Station in Mumbai
They defrauded investors, luring them with high returns, generating over Rs 3,000 crore in a year
ED has frozen assets worth Rs 112 crore in this case
Framing: Emphasizes the scale and scope of the Enforcement Directorate's searches (12 locations) and the alleged financial crimes (cash conversion and sham ODI investments) — Measured, factual, and legalistic, focusing on the procedural details of the searches without emotional language
Facts Included:
ED Mumbai conducted searches under Section 17 of PMLA, 2002 at 12 locations (5-Maharashtra, 2-Rajasthan, 1-Gujarat, 4-Delhi-NCR)
Searches occurred on 26 (date not fully captured)
Premises included payment companies converting betting proceeds into cash through Cash Management System agents
Premises included Chartered Accountant (CA) and Company Secretaries facilitating shifting the proceeds out of country through illegal remittances and sham ODI investments
Premises included Payment Gateways handling payin and payout on behalf of Parimatch
Framing: The headline emphasizes the ED's raids on 12 locations across four states in connection with the Parimatch betting probe.
Facts Included:
The Directorate of Enforcement (ED) on Wednesday conducted searches at 12 locations across Maharashtra, Rajasthan, Delhi-NCR and Gujarat under the Prevention of Money Laundering Act (PMLA) as part of its ongoing investigation into the Cyprus-based illegal online betting platform Parimatch.
The searches were carried out at five locations in Maharashtra, two in Rajasthan, one in Gujarat and four locations across Delhi-NCR in connection with the case involving Parimatch and others.
According to the investigation agency, the premises searched included those linked to payment companies allegedly involved in converting betting proceeds into cash through Cash Management System (CMS） agents.
The searches also covered Chartered Accountants（CAs）and Company Secretaries who allegedly facilitated the transfer of proceeds out of the country through illegal remittances and sham Overseas Direct Investment（ODI）transactions.
Payment gateways that allegedly handled the collection and disbursement of funds, including pay-ins and payouts on behalf of Parimatch, were also among the premises covered during Wednesday's searches.
The latest action comes months after the ED's Mumbai Zonal Office conducted searches at 17 locations across Maharashtra, Rajasthan, Delhi, Gujarat, Daman and Uttar Pradesh in May this year in connection with the same investigation.
Several incriminating documents and digital devices were recovered during the search operations.
The ED initiated the investigation on the basis of an FIR registered by the Cyber Police Station, Mumbai, against [Parimatch].com for allegedly duping users through online betting operations.
According to investigators, the platform lured investors with promises of high returns and is suspected to have generated more than Rs 3,000 crore in a year.
The investigation revealed that Parimatch and its associates allegedly operated through a complex network of mule accounts, payment intermediaries, and financial inclusion channels to collect, layer and transfer user funds.
Investigators also found that the platform advertised through leading quick-commerce applications and circulated promotional material along with grocery deliveries to attract and onboard new users.
These advertisements were strategically displayed during app usage and order placements.
The ED said it has so far frozen assets worth Rs 112 crore in the case.
Framing: The headline emphasizes the ED's raids on 12 locations in 4 states over the illegal betting platform Parimatch
Facts Included:
The Enforcement Directorate (ED) on Wednesday conducted searches at 12 locations across Maharashtra, Rajasthan, Gujarat and the Delhi-NCR region in connection with an illegal betting platform, Parimatchra
The premises searched include those of payment companies allegedly involved in converting betting proceeds into cash through cash-management system agentsra
The agency is also searching the premises of chartered accountantsand company secretaries who allegedly facilitated the transfer of betting proceeds gateways out of country through illegal remittances and sham overseas direct investments
The searches also cover payment gateways who have reportedly handled pay-insand payout on behalf of Parimatchra
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Claim
Confidence
Status
ClaimThe Directorate of Enforcement (ED) conducted searches at 12 locations across Maharashtra, Delhi-NCR, Rajasthan and Gujarat on Wednesday in connection with a money laundering case of Cyprus-based illegal online betting platform Parimatch.
ClaimThe premises searched include those of Chartered Accountants and Company Secretaries who facilitated shifting proceeds out of the country through illegal remittances and sham Overseas Direct Investment (ODI) transactions.
ClaimOn May 26 this year, the ED conducted similar searches at 17 locations across Maharashtra, Rajasthan, Delhi, Gujarat,Daman and Uttar Pradesh in connection with the same investigationof Parimatch.
ClaimDuring the May searches, the ED seized movable assets worth approximately Rs 1.56 crore, including cash of around Rs 1.2 crore,and froze approximately Rs 3.8 crore lying in various bank accounts.
ClaimThe ED initiated the investigation on the basis of an FIR registered by the Cyber Police Station in Mumbai against Parimatch.comfor duping users throughonline betting operations.
ClaimParimatch and its associates allegedly operated through a complex network of mule accounts, payment intermediaries,and financial inclusion channels to collect, layerand transfer user funds.
ClaimIn certain instances, user withdrawals were processed without any direct outward payment from accounts controlled by the platform; deposits made by other users were routed directly into the withdrawing user's bank account or UPI-ID in multiple tranches.
ClaimUser deposits and withdrawals were routed through multiple current accounts opened in the names of software, fintech and technology-related entities, which were also engaged in genuine business activities; such accounts were allegedly used for collection of user depositsand routing payouts under the guise of vendor payments, business transactionsand payment gateway services.
ClaimThe May search operation had revealed misuse of Banking Correspondent(BC) networks, mobile money transfer agents, Grahak Seva Kendras, Cash Management Services(CMS), local kirana stores and retail outlets for processing payoutsand movement of funds linked to the platform.
ClaimThe ED has informed that a layered mechanism was used wherein user funds were routed through retailersand Grahak Seva Kendras operating under Business Correspondent(BC) networks.
ClaimIn the layered mechanism, money was first transferred to retailers, who then passed it on to the BC, and the BC in turn recharged the wallets of those retailers; once wallets were loaded, the retailers used them to make payouts to Parimatch users, concealing the actual sourceand trail of funds.
ClaimCertain agents allegedly diverted cash received through CMS channelsand adjusted the same against RTGS transfers sourced from deposits made by Parimatch users, disguising the true originand trail of funds.
ClaimThe platform promoted betting-related advertisements through leading quick-commerce applicationsand circulated promotional material along with grocery deliveriesto attractand onboard new users.