The Enforcement Directorate (ED) has conducted searches at 12 locations across Maharashtra, Delhi-NCR, Rajasthan and Gujarat as part of its money laundering investigation into the Cyprus-based online betting platform Parimatch and entities allegedly associated with its operations.
The latest search operation, undertaken by the ED’s Mumbai Zonal Office under Section 17 of the Prevention of Money Laundering Act, 2002 (PMLA), covered five premises in Maharashtra, four in Delhi-NCR, two in Rajasthan and one in Gujarat.
According to the agency, the searches included premises linked to payment companies, payment gateways, Chartered Accountants (CAs) and Company Secretaries (CSs). The investigation is examining alleged mechanisms used to collect, layer, convert and transfer proceeds generated through the betting platform.
The ED has alleged that payment intermediaries and Cash Management System (CMS) agents were used to facilitate cash conversion and movement of betting proceeds. It is also examining suspected overseas fund transfers allegedly structured through illegal remittances and purported Overseas Direct Investment (ODI) transactions.
The agency has further identified an alleged network involving mule bank accounts, payment intermediaries, Banking Correspondent (BC) networks, mobile money transfer agents, Grahak Seva Kendras, retailers and other financial channels. According to the investigation, these channels were allegedly used to make betting-related collections and payouts while making the underlying fund trail difficult to identify.
The ED has stated that, in certain cases, withdrawals requested by betting users were allegedly settled through funds deposited by other users. Such transactions were reportedly split across multiple bank accounts or UPI IDs rather than being directly paid from accounts controlled by the betting platform.
The investigation has also examined current accounts maintained by entities operating in the software, fintech and technology sectors. The ED alleges that some accounts associated with otherwise legitimate businesses were used for receiving deposits and processing payouts, with transactions being presented as vendor payments, commercial dealings or payment gateway activity.
Earlier searches in the case reportedly identified the alleged use of BC networks, CMS channels, local retail outlets and Grahak Seva Kendras for facilitating payouts. The agency has alleged that funds moved through retailers and BCs before being used for wallet-based transactions and subsequent payouts to betting users.
The ED has also alleged that certain agents used cash collected through CMS channels in arrangements involving RTGS transfers linked to Parimatch user deposits. The agency is examining whether these transactions were structured to disguise the source and movement of the funds and facilitate their subsequent transfer outside India.
The latest searches follow an earlier ED operation on 26 May, when the agency searched 17 locations across Maharashtra, Rajasthan, Delhi, Gujarat, Daman and Uttar Pradesh. During that operation, the ED reported seizure of movable assets valued at approximately ₹1.56 crore, including around ₹1.20 crore in cash, while funds amounting to approximately ₹3.80 crore in bank accounts were frozen. Documents and electronic devices were also reportedly seized.
The money laundering investigation originated from an FIR registered by the Cyber Police Station in Mumbai concerning allegations against Parimatch.com. The ED has stated that its investigation indicates the betting network generated more than ₹3,000 crore during a one-year period.
The agency is also examining the platform’s promotional and user-acquisition activities. According to the ED, Parimatch allegedly used surrogate branding such as “Parimatch Sports” and “Parimatch News” and pursued localised promotional strategies, including sponsorship of cricket leagues in more than 15 states as well as hockey and football events.
The investigation has further examined alleged promotional activity through quick-commerce platforms, where betting-related promotional material was reportedly distributed alongside grocery deliveries and displayed to users during app interactions and order placements.
The ED’s investigation remains focused on identifying the source, layering, movement and ultimate beneficiaries of the suspected proceeds of crime, along with the role of entities and intermediaries allegedly involved in the financial network. CASansaar