India seizes over US$6m for illegal gambling

The money was seized from accounts held with HSBC.
The money was seized from accounts held with HSBC.

India’s Enforcement Directorate seized the funds during a major operation against illegal gambling in four cities.

India.- The Enforcement Directorate, India’s intelligence and law enforcement unit, has seized Rs 47 crore (US$6.38 million) as part of an operation against illegal gambling.

The money was seized on Friday from bank accounts held with HSBC, coinciding with an operation against illegal gambling at 15 locations in Delhi, Gurgaon, Mumbai and Pune.

The Enforcement Directorate confiscated 17 hard disks, five laptops, phones and documents.

According to Times of India, the authorities found Chinese nationals using Indians to carry out illegal online betting activities estimated to be worth Rs 1,300 crore (US$176 million).

They believe Indian accountants collaborated with Chinese nationals who set up multiple companies for illegal activities, putting Indian executives in charge as a cover to open accounts, and then replacing them with Chinese nationals.

Authorities also found suspicious transactions related to dating apps and others made through digital wallets such as Paytm, Cashfree and Razorpay.

Hyderabad police are trying to find out if the apps’ lax regulatory systems were used to make illegal transactions as well as gambling.

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