The Enforcement Directorate has expanded its investigation into the Parimatch betting network with searches at 17 locations across Maharashtra, Rajasthan, Delhi, Gujarat and Uttar Pradesh. The agency alleges that more than ₹3,000 crore was generated through the offshore online betting platform over a year and subsequently routed through mule and merchant accounts. Investigators also allege that CMS and DMT agents, hawala operators and cryptocurrency intermediaries were used to move or convert funds. The searches resulted in seizures of cash, gold, documents and digital devices, while bank balances were also frozen.
ED Raids Parimatch Betting Network Across Five States in Rs 3,000 Crore Money Laundering Probe
The Enforcement Directorate has carried out searches across five states in connection with the Parimatch betting network. Investigators say mule accounts, travel operators, hawala channels and crypto routes were used to transfer the money.
The Enforcement Directorate has stepped up its probe into the Parimatch betting network after the searches across five states led to the recovery of assets, financial documents and digital evidence related to an alleged money laundering racket.
The Enforcement Directorate claimed that the online betting platform Parimatch, based in Cyprus, made over Rs 3,000 crore in a year. The latest action was a coordinated search at 17 locations in Maharashtra, Rajasthan, Delhi, Gujarat and Uttar Pradesh.
The searches were conducted by the Mumbai Zonal Office of the Enforcement Directorate on September 2. The operation was part of an ongoing probe into suspected laundering of proceeds generated through online betting activities, officials said.
During the raids, the authorities seized movable assets worth about Rs 2.11 crore. The recovery included Rs 61 lakh in cash, a 1kg gold bar, incriminating documents and several digital devices.
It has also frozen bank balances to the tune of about Rs 37 crore. With the latest seizures and attachments, the value of assets frozen or seized in the case has come to about Rs 150 crore.
Mumbai FIR Triggered Expanding Parimatch Investigation
The probe has been initiated on the basis of a First Information Report registered at the Cyber Police Station, Mumbai. The lawsuit claimed that Parimatch.com was defrauding users through its online gambling platform.
The Enforcement Directorate said the investigators found the proceeds from the betting flowing through multiple mule accounts, some of which were onboarded as merchant accounts. The money was allegedly laundered through channels that appear to be legitimate commercial transactions.
The officials said the role of Cash Management System (CMS) and Domestic Money Transfer (DMT) agents was allegedly significant in transferring and concealing the proceeds earned from betting activities.
“Money deposited into merchant and mule accounts was then funneled into CMS-linked and DMT-linked accounts,” the agency said. This process is claimed to allow the transfer of funds but to keep access to the same physical cash.
The Enforcement Directorate said in a statement seen by investigators that the arrangement effectively replaced normal cash collection cycles and gave individuals linked to the betting network continued access to funds.
They also said that physical cash was converted to Tether (USDT) through hawala operators and cryptocurrency intermediaries, then moved to digital wallets controlled by the offshore Parimatch network.
Also Read: FATF Warns Digital Hawala Networks Are Fueling Global Money Laundering.
Travel Operators, Crypto Channels and ODI Transactions Under Scrutiny
The probe also found another channel involving Indian tour and travel operators. The Enforcement Directorate said that the payments from the Parimatch network were routed to operator bank accounts through payment intermediaries.
It is alleged that the transactions were made without the provision of corresponding travel-related services. The investigators believe the transfers were structured to appear as legitimate business transactions.
Travel operators are accused of using bank credits to pay amounts owed by overseas clients, the agency said. At the same time, the network’s associates were said to have handled the equivalent cash collections outside India.
The Enforcement Directorate said at least Rs 200 crore worth of transactions were routed through two tour and travel operators identified during the investigation. Financial records are still being reviewed.
Investigators also found a different mechanism of alleged Overseas Direct Investment (ODI) transactions and alleged fake imports of services. The channels were said to have been used to layer funds and facilitate remittances overseas.
These structures saw around Rs 500 crore flow through, said the agency. Officials said the remittances were made on the basis of fake valuation reports and fake Form 15CA and Form 15CB documents.
As the investigation develops, authorities are expected to analyze seized devices, banking records and digital evidence. Sprouts News understands that enforcement agencies are still examining further financial trails and overseas links.
The case underscores increasing regulatory worries about online betting sites, crypto-linked fund transfers and cross-border financial networks. Further enforcement action will depend on the findings of the ongoing investigation.
