Enforcement Directorate Seizes ₹2.11 Crore in Assets, Freezes ₹37 Crore in Bank Funds Amid Parimatch Money-Laundering Probe The Enforcement Directorate (ED)’s Mumbai unit conducted raids on Wednesday, seizing movable assets worth ₹2.11 crore and freezing bank funds amounting to ₹37 crore as part of its investigation into the Cyprus-based illegal online betting platform Parimatch and associated entities. The operation targeted 17 locations across Maharashtra, Rajasthan, Gujarat, Delhi, and Uttar Pradesh, where officials recovered gold bars, cash, incriminating documents, and digital devices. The ED has frozen or seized assets totaling approximately ₹150 crore in the case so far. Parimatch is alleged to have generated around ₹3,000 crore in revenue from Indian users annually. The investigation, initiated based on an FIR registered by the cyber police station in Mumbai, uncovered a multi-layered mechanism for laundering proceeds from Parimatch. According to ED officials, the betting funds were initially routed through multiple mule bank accounts, including merchant accounts, before being funneled through legitimate financial and commercial channels. Cash Management System (CMS) and Domestic Money Transfer (DMT) agents were reportedly used to obscure the trail of illicit funds. Funds collected in merchant or mule accounts were allegedly redirected to CMS and DMT-linked accounts, where banking funds substituted the legitimate cash collection cycle, while physical cash was provided to Parimatch associates. The cash was then converted into USDT, a cryptocurrency, through hawala operators or crypto intermediaries and transferred to offshore Parimatch-controlled wallets.#mumbai #india #cyprus #enforcement_directorate #parimatch
Enforcement Directorate Seizes Rs 150 Crore in Parimatch Money Laundering Probe The Enforcement Directorate (ED) executed searches at 17 locations across five states—Maharashtra, Rajasthan, Delhi, Gujarat, and Uttar Pradesh—on September 2 as part of its investigation into the Cyprus-based online betting platform Parimatch. The probe, which has uncovered a complex money laundering scheme, revealed that the platform generated over Rs 3,000 crore in a single year through its operations. The raids resulted in the seizure of approximately Rs 2.11 crore in movable assets, including Rs 61 lakh in cash, a 1-kg gold bar, incriminating documents, and digital devices. Additionally, the ED froze bank balances totaling around Rs 37 crore, bringing the total value of assets seized or frozen in the case to Rs 150 crore. The investigation began with an FIR registered by the Cyber Police Station in Mumbai against Parimatch.com for allegedly duping users through its online betting platform. According to the ED, the platform’s proceeds were funneled through multiple layers of financial channels to obscure their origin. Initially, funds were routed through mule accounts, including merchant accounts, before being integrated into legitimate financial systems. The ED identified the use of Cash Management System (CMS) and Domestic Money Transfer (DMT) agents to further layer the proceeds. These mechanisms allowed the betting network to replace legitimate cash collection cycles with banking funds while providing physical cash to its associates. The laundering process involved converting cash into USDT (Tether) cryptocurrency via hawala and crypto operators, which was then transferred to offshore crypto wallets controlled by the Parimatch network. The ED also uncovered a parallel route involving Indian tour and travel operators.#maharashtra #delhi #rajasthan #enforcement_directorate #parimatch
