India freezes US$15m in Chinese betting and loan app crackdown

Searches were carried out on February 23 and 24.
Searches were carried out on February 23 and 24.

Authorities raided ten locations in three cities.

India.- The Enforcement Directorate (ED) has taken action against alleged money laundering activities linked to Chinese-controlled betting and loan apps operating in India. Authorities have frozen bank deposits totalling Rs 123 crore (US$15m) following searches across locations in Mumbai, Chennai, and Kochi on February 23 and 24.

The searches targeted entities suspected of involvement in illegal online activities, including NIUM India in Mumbai. The ED says digital devices, documents and bank accounts were seized.

It is aiming to trace the proceeds of crime associated with illegal online loan, gambling, and betting apps, particularly through the use of mule accounts in Kerala. The probe was initiated based on First Information Reports’ registered by Kerala and Haryana Police.

The ED said that the proceeds of crime were channeled through shell companies in various Indian states before being remitted abroad through channels such as cryptocurrency and forex transactions.

See also: India: 3 arrested for alleged illegal gambling scam

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