ED Raids Parimatch, Freezes Assets

The India — Enforcement Directorate (ED) in India conducted extensive search operations across 17 locations in India — Maharashtra, India — Rajasthan, India — Delhi, India — Gujarat, India — Daman, and India — Uttar Pradesh as part of an ongoing money laundering investigation into the Cyprus-based illegal online betting platform Parimatch. The ED seized movable assets worth approximately Rs 1.56 crore, including Rs 1.2 crore in cash, and froze funds totaling Rs 3.8 crore in various bank accounts. So far, assets worth Rs 112 crore have been frozen in connection with the case. The investigation, initiated based on an FIR from the India — Siliguri Cyber Crime Police Station, revealed that Parimatch allegedly duped users with promises of high returns, generating over Rs 3,000 crore in a year. The platform used a complex network of mule accounts, payment intermediaries, and financial inclusion channels to collect, layer, and transfer user funds, often routing deposits directly to withdrawing users to conceal money trails. It also misused Banking Correspondent networks, mobile money transfer agents, Grahak Seva Kendras, Cash Management Services, and local retail outlets for payouts. Parimatch promoted its illegal betting activities through surrogate advertisements under names like 'Parimatch Sports' and 'Parimatch News', employing hyperlocal marketing strategies by sponsoring local sports leagues and distributing promotional materials with grocery deliveries.