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ED raids Dream11 office and co-founder Bhavit Sheth’s premises in money laundering case

EntrackrEntrackr · 23d ago
ED raids Dream11 office and co-founder Bhavit Sheth’s premises in money laundering case
Medial

url: https://entrackr.com/news/ed-raids-dream11-office-and-co-founder-bhavit-sheths-premises-in-money-laundering-case-10925069. Content: The Enforcement Directorate on Friday reportedly conducted search operations at more than 30 locations across India as part of a money laundering probe that has brought online fantasy gaming platform Dream11 and its co-founder Bhavit Sheth under regulatory scrutiny. Among the locations searched were Dream11’s office and premises linked to Sheth, as per several media reports. The action is connected to an ongoing investigation into an alleged Rs 2,434 crore financial fraud involving Mumbai-based conglomerate Jai Corp Limited, where Dream11 co-founder Harsh Jain’s father, Anand Jaikumar Jain, is a director. Investigators are examining whether the funds raised for real estate investments were instead diverted to foreign companies. The searches were carried out under the Prevention of Money Laundering Act (PMLA) and also covered properties linked to Anand Jain. More than 20 premises were searched in Mumbai, while additional locations in Nashik, Bengaluru and Raipur were also raided. According to reports, the agency is probing possible financial links between Jai Corp, Dream Sports, the parent company of Dream11, and Bhavit Sheth. Investigators are examining whether funds allegedly siphoned off in the Jai Corp case were channeled through a network of entities, including technology and sports gaming firms, using structured transactions to obscure their origin. The money laundering probe originates from a CBI case against Anand Jain, Jai Corp Limited and others, following a petition by activist Shoaib Richie Sequeira. The FIR was filed after the Bombay High Court directed the CBI in February to form a special investigation team to probe alleged financial irregularities, including misuse of public funds, investor fraud, round tripping through overseas shell firms, and diversion of funds via fictitious transactions and invoices. As per the CBI’s case details, the special investigation team is probing multiple suspected offences, including irregularities in domestic real estate investment funds, questionable transactions involving private funds in Mauritius and Jersey, improper futures trading, diversion of bank loans to offshore entities, and fraudulent export related transactions linked to Australia and the United States.

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EaseMyTrip co-founder Nishant Pitti under ED scanner in Mahadev App case

EntrackrEntrackr · 9m ago
EaseMyTrip co-founder Nishant Pitti under ED scanner in Mahadev App case
Medial

The Enforcement Directorate (ED) on Wednesday carried out searches in multiple states as part of its probe into the Mahadev online betting app case, news agency PTI reported. The raids included the premises of EaseMyTrip founder and chairman Nishant Pitti. Citing unnamed officials, the report added that the searches were held in Delhi, Mumbai, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai, and Sambalpur. The ED is investigating alleged money laundering linked to the Mahadev app, which is said to have been used for illegal betting activities. The Mahadev app is reported to have provided platforms for creating user accounts, enrolling new users, and handling funds through fake bank accounts. The ED has earlier claimed that the app’s promoters, Sourabh Chandrakar and Ravi Uppal, are from Chhattisgarh. The agency has also said that many senior politicians and government officers from Chhattisgarh may be involved in the operation and money transfers connected to the app. This is not the first time the ED has conducted raids in this case. Earlier searches were also held at various locations as part of the ongoing investigation.

ED freezes Rs 192 Cr linked to WinZO subsidiary in money laundering probe

EntrackrEntrackr · 10d ago
ED freezes Rs 192 Cr linked to WinZO subsidiary in money laundering probe
Medial

News All Stories ED freezes Rs 192 Cr linked to WinZO subsidiary in money laundering probe Last month, ED arrested WinZO co-founders Paavan Nanda and Saumya Singh Rathore after search and seizure operations at company premises and residences. Shashank Pathak 01 Jan 2026 20:46 IST Follow Us The Directorate of Enforcement has frozen assets worth around Rs 192 crore classified as Proceeds of Crime (POC) belonging to Zo Games Pvt Ltd, a wholly owned Indian subsidiary of WinZO Pvt Ltd, after conducting a search operation under the Prevention of Money Laundering Act. The assets were frozen in the form of bank balances, fixed deposits, and mutual funds, the ED said in a press release. The agency stated that evidence pointed to deceptive gaming practices on the WinZO platform, where users were made to play real money games against bots and algorithm-driven personas without disclosure. The probe also found that withdrawals of user funds were restricted or prevented in certain cases. So far, the ED has identified total Proceeds of Crime of around Rs 802 crore in the case. Earlier, in November 2025, the ED arrested WinZO co-founders Paavan Nanda and Saumya Singh Rathore after search and seizure operations at company premises and residences. These actions followed the freeze of assets worth over Rs 505 crore under the PMLA. The assets included bank balances, fixed deposits, mutual funds, and other financial instruments linked to the company and its related entities. The investigation is based on multiple FIRs and hundreds of user complaints that allege manipulation of gameplay, misuse of customer data, non-refund of user funds, and continuation of real money gaming activities despite regulatory restrictions. Investigators said user funds remained with the platform even after restrictions on real money gaming came into force. The ED has also flagged overseas fund movements, with part of the alleged Proceeds of Crime routed to the US and Singapore as overseas investments. Funds worth $54 million were found parked in a US bank account held by WINZO US Inc. The WinZO case forms part of a wider enforcement phase in 2025. During the year, the ED initiated action against startup-origin companies such as Dream11, Gameskraft, Probo, Paytm, Myntra, Simpl, and OctaFX under money laundering, FEMA, and foreign-exchange related probes.

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