07 September,2026 05:01 PM IST | Mumbai | mid-day online correspondent
The ED suspects that equivalent amounts were collected in cash by handlers associated with the betting network outside India. File Pic
The Enforcement Directorate (ED) has conducted searches at 17 locations across five states as part of its money laundering investigation into the alleged illegal betting platform Parimatch, an official statement said on Monday.
The searches were carried out in Maharashtra, Rajasthan, Delhi, Gujarat and Uttar Pradesh under the Prevention of Money Laundering Act (PMLA), 2002.
The investigation follows a case registered by the Mumbai Cyber Police against website - Parimatch.com.
According to the ED, the platform allegedly generated more than Rs 3,000 crore from Indian users in one year through illegal betting and related activities.
The agency is investigating how the alleged proceeds were collected, transferred and moved overseas.
Investigators have allegedly uncovered a network involving merchant and mule bank accounts, Cash Management System (CMS) agents and Domestic Money Transfer (DMT) operators.
According to the probe, funds were converted into USDT cryptocurrency through hawala channels before being transferred to offshore wallets allegedly linked to Parimatch.
The ED has also alleged that more than Rs 200 crore was routed through the bank accounts of Indian tour and travel operators despite no genuine services being provided.
The agency suspects that equivalent amounts were collected in cash by handlers associated with the betting network outside India.
Investigators have further identified alleged fake Overseas Direct Investment (ODI) transactions through which around Rs 500 crore was reportedly sent abroad. The transactions allegedly involved inflated or fictitious valuations and forged Form 15CA and 15CB documents.
During the latest searches, ED officials seized movable assets worth around Rs 2.11 crore, including approximately Rs 61 lakh in cash and a 1-kg gold bar.
Digital devices, documents and other material allegedly linked to the financial transactions were also seized.
The agency has additionally frozen bank balances of around Rs 37 crore during the latest action.
According to the ED, assets worth approximately Rs 150 crore have so far been frozen or attached in connection with the Parimatch investigation.
The agency said its investigation into the alleged betting and money laundering network is continuing.
