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Illicit betting, gaming apps laundering money via kirana stores, finds ED

Economic Times

Economic Times · 10m ago

Illicit betting, gaming apps laundering money via kirana stores, finds ED

The Enforcement Directorate (ED) has discovered a money laundering operation conducted by illegal gaming and betting apps through local retail stores. Shop owners were deceived into believing they were participating in the domestic money transfer system. The ED found that a large portion of transactions processed by small retailers were payouts to winners of gaming and betting apps. These operators used various methods, including hawala networks and cryptocurrency, to obscure the financial trail. The probe agency suspects losses of over Rs 1 lakh crore and is investigating offshore gaming applications.

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Related News

Mahadev Betting App Case: ED Files Fresh Chargesheet, Names 25 Accused

Inc42 · 1y ago

Mahadev Betting App Case: ED Files Fresh Chargesheet, Names 25 Accused

The Enforcement Directorate (ED) has filed a fresh chargesheet in the Mahadev online betting and gaming app case, involving politicians and bureaucrats from Chhattisgarh. The chargesheet lists 25 individuals and entities as accused, including Girish Talreja and Suraj Chokhani. The app, founded by Sourabh Chandrakar and Ravi Uppal, facilitated illegal betting websites and money laundering through a network of benami bank accounts. The case gained attention after Chandrakar's lavish wedding in Dubai, allegedly costing over INR 200 Cr. The ED has arrested 11 individuals so far and the court is expected to take cognizance of the chargesheet on May 4.

ED cracks down on gaming platform Probo in illegal betting probe; assets worth Rs 284.5 frozen - The Economic Times

Economic Times

Economic Times · 8d ago

ED cracks down on gaming platform Probo in illegal betting probe; assets worth Rs 284.5 frozen - The Economic Times

The Enforcement Directorate (ED) is investigating Probo Media Technologies, the operator of the Probo gaming app, for alleged illegal betting and money laundering. Authorities have frozen assets worth Rs 284.5 crore, including fixed deposits, shares, and bank locker contents. The company, claiming to be an "opinion trading" platform, misled users into gambling, with investigations revealing that outcomes were purely chance-based. Probo has raised $24 million in funds and received foreign investments.

India To Push FATF To Bring Gaming Under AML Framework

Inc42 · 9m ago

India To Push FATF To Bring Gaming Under AML Framework

India will raise its concerns about the misuse of online gaming platforms at an upcoming global anti-money laundering meeting in Paris. The government is also exploring measures to ensure that these platforms report suspicious transactions and adhere to Know Your Customer (KYC) norms. The move comes after the discovery of the Mahadev betting scam last year, which involved multiple websites and money laundering through cryptocurrencies.

Mahadev Betting App Case: ED Probe Finds Dummy Companies Used To Funnel Funds Into Stock Market

Inc42 · 1y ago

Mahadev Betting App Case: ED Probe Finds Dummy Companies Used To Funnel Funds Into Stock Market

The Enforcement Directorate (ED) has made arrests as part of its investigation into the Mahadev betting app scam in India. Girish Talreja and Suraj Chokhani were arrested for their alleged involvement in the scam. It has been revealed that Chokhani rerouted approximately INR 423 crore ($57 million) through fictitious companies to invest in the stock market via a betting website called "skyexchange." The ED suspects that a significant portion of these funds was channeled into small and mid-cap stocks. Authorities also discovered that the cash received through hawala channels was converted into bank entries for share investments.

Mahadev app and the alleged money laundering scandal

Livemint

Livemint · 1y ago

Mahadev app and the alleged money laundering scandal

The Mahadev Book online betting platform in India has been accused of money laundering and match-fixing by the Enforcement Directorate. The platform allegedly amassed illicit funds of over ₹450 crore ($57 million) through hawala transactions. The app allowed users to bet on various games, and the funds were laundered through "no name" bank accounts between India and Dubai. Individuals associated with the app, including Chhattisgarh CM Bhupesh Baghel, have been accused of accepting kickbacks. The owners of the app have been arrested on charges of money laundering. Bollywood actors and businessmen have also been summoned for promoting the app.

ED Cracks Down: INR 90 Cr Seized from Crypto Giants

Inc42 · 1y ago

ED Cracks Down: INR 90 Cr Seized from Crypto Giants

The Enforcement Directorate has seized frozen crypto assets worth INR 90 Cr, kept in wallets of Binance, ZebPay and WazirX, in connection with a money laundering case involving online gaming app E-Nugget. The ED alleged that E-Nugget disguised itself as a gaming platform and lured users with promises of lucrative profits.

Govt instructs crypto exchanges to monitor J&K transactions amid money laundering concerns

Economic Times

Economic Times · 2m ago

Govt instructs crypto exchanges to monitor J&K transactions amid money laundering concerns

The Indian government has instructed cryptocurrency exchanges to closely monitor transactions linked to individuals in Jammu & Kashmir and border areas due to money laundering concerns. Exchanges are advised to track suspicious trades, particularly involving private wallets, that may facilitate illicit transfers bypassing regular banking channels. This directive involves enhanced scrutiny of withdrawals to private wallets and reporting to the Financial Intelligence Unit, aiming to curb illicit financial activities and improve compliance with anti-money laundering regulations.

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

Entrackr

Entrackr · 3m ago

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

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.

Mahadev Betting Scam: ED Arrests 2 More Accused, Probe Finds Manipulation Of Stocks

Inc42 · 1y ago

Mahadev Betting Scam: ED Arrests 2 More Accused, Probe Finds Manipulation Of Stocks

The Enforcement Directorate (ED) has arrested two more individuals, Girish Talreja and Suraj Chokhani, in connection with the Mahadev betting app scam. The ED launched an investigation based on FIRs filed by the Chhattisgarh Police and subsequently incorporated FIRs from the Visakhapatnam Police and other states. The probe revealed that Talreja has a stake in Lotus365, a sister concern of Mahadev Online Book, and is involved in illegal operations. The ED also discovered that Hari Shankar Tibrewal collaborated with the promoters of Mahadev Online Book in illegal betting activities and employed Chokhani to launder and disguise the proceeds of crime as share investments.

ED Arrests Four Accused In INR 400 Cr Gaming App Fraud

Inc42 · 9m ago

ED Arrests Four Accused In INR 400 Cr Gaming App Fraud

ED has apprehended four individuals who were involved in a fraud scheme through the online gaming app 'Fiewin'. The app posed as a legitimate platform and enticed users with the prospect of making quick money through online betting and gaming. The scam amount totaled over INR 400 Cr. The funds acquired were converted into cryptocurrency and then transferred to the wallets of Chinese nationals on the foreign crypto exchange Binance.

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