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

Economic Times · 9m

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.