Crackdown on Parimatch: Illegal Betting Scandal Unveiled
A clampdown on the Cyprus-based online betting platform Parimatch led to the freezing of funds worth Rs 110 crore and the seizure of 1,200 mule credit cards. Allegations include deceptive marketing and a money laundering scheme involving surrogate ads, mule accounts, and cryptocurrency transactions.
- Country:
- India
The Enforcement Directorate (ED) has frozen Rs 110 crore held in mule bank accounts and seized 1,200 mule credit cards following an investigation into the Indian operations of Cyprus-based betting platform Parimatch.
According to the ED, Parimatch, notorious for its aggressive marketing, allegedly defrauded investors by promising high returns and generated over Rs 3,000 crore annually. Investigations revealed the platform's strategic use of surrogate advertisements through Indian entities such as 'Parimatch Sports' and 'Parimatch News,' funded by foreign remittances.
Searches were conducted at 17 locations including Mumbai, Noida, and Jaipur under the Prevention of Money Laundering Act (PMLA), stemming from an FIR by Mumbai's cyber police against parimatch.com. The probe uncovered complex money laundering involving mule accounts, cryptocurrency purchases, and disallowed technology service providers facilitating fund collection.
(With inputs from agencies.)
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