ED Searches 12 Locations in Maharashtra and Other States in Parimatch Case
The Enforcement Directorate carried out searches at 12 locations across Maharashtra, Delhi-NCR, Rajasthan, and Gujarat in connection with a money laundering investigation involving Cyprus-based illegal online betting platform Parimatch and its associates.
The search operation, conducted by the ED's Mumbai Zonal Office under Section 17 of the Prevention of Money Laundering Act, covered five locations in Maharashtra, four in Delhi-NCR, two in Rajasthan, and one in Gujarat. The investigation originated from a First Information Report registered by the Cyber Police Station in Mumbai against Parimatch.com over allegations of cheating users.
According to the agency, the platform and its associates generated more than Rs 3,000 crore in a single year through the illegal betting operation. Premises covered during the operation included payment companies allegedly involved in converting betting proceeds into cash through Cash Management System agents, as well as payment gateways handling pay-in and pay-out transactions for the platform. The ED also searched premises connected to Chartered Accountants and Company Secretaries suspected of facilitating the transfer of proceeds abroad through illegal remittances and sham Overseas Direct Investment transactions.
The ED stated that the platform utilized a complex network of mule accounts, payment intermediaries, and financial inclusion channels for collection, layering, and transferring user funds. In multiple instances, user withdrawal requests were processed without direct outward payments from platform-controlled accounts. Instead, deposits from other users were routed directly to the bank accounts or UPI IDs of users seeking withdrawals in multiple tranches to obscure the fund trail.
Investigators also revealed the alleged misuse of Banking Correspondent networks, Grahak Seva Kendras, mobile money transfer agents, and local retail stores. Funds were routed through retailers to Banking Correspondents, who then recharged retail wallets used for customer payouts. Furthermore, certain agents diverted cash through CMS channels and adjusted it against RTGS transfers before moving the funds out of India via hawala channels.
This action follows earlier searches conducted on May 26 across 17 locations, during which the agency seized movable assets worth Rs 1.56 crore, including Rs 1.2 crore in cash, and froze bank balances totaling approximately Rs 3.8 crore.
