{"id":777030407,"date":"2025-08-15T08:52:30","date_gmt":"2025-08-15T11:52:30","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777030407"},"modified":"2026-04-21T20:04:17","modified_gmt":"2026-04-21T23:04:17","slug":"india-freezes-us12-6m-in-betting-app-money-laundering-case","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/india-freezes-us12-6m-in-betting-app-money-laundering-case","title":{"rendered":"India freezes US$12.6m in betting app probe"},"content":{"rendered":"\n

Raids at 17 locations were conducted in an investigation under the Prevention of Money Laundering Act.<\/p>\n\n\n\n\n\n\n\n

India.- The Enforcement Directorate (ED) has frozen US$12.6m and seized 1,200 credit cards allegedly linked to mule accounts as part of an operation against illegal betting via Cyprus-based Parimatch platform. The raids across 17 locations including Mumbai, Delhi, Jaipur, and Hyderabad, are part of an investigation under the Prevention of Money Laundering Act. <\/p>\n\n\n\n

Authorities say Parimatch generated over US$360m in a single year through aggressive marketing, sports sponsorships and partnerships with celebrities, while deceiving users with promises of high returns. Investigators allege that the company used a complex network to move and disguise funds. <\/p>\n\n\n\n

In southern India, user deposits were allegedly withdrawn in cash, handed to hawala operators, and converted into USDT cryptocurrency via UK-based virtual wallets under mule accounts. In western India, domestic money transfer agents allegedly sent funds to Parimatch agents through mule credit card payments.<\/p>\n\n\n\n

The ED said some payment companies whose licence applications had been rejected by the Reserve Bank of India provided Parimatch with API access under the guise of technology service providers. This allowed the opening of mule accounts in the names of e-commerce and payment service companies to collect user funds. Collected via UPI transfers, they were disguised as refunds, chargebacks, or vendor payments to conceal their origin. <\/p>\n\n\n\n

The ED said it is tracking the movement of funds and identifying other entities involved.<\/p>\n\n\n

\n\t\t\tSee also:<\/span><\/p>\n
\n\t\t\t\t\"\"<\/p>\n

\n\t\t\t\t\tSee also:<\/span> India probes celebrity ties to suspected illegal betting app promotions<\/a>\n\t\t\t\t<\/p>\n<\/p>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Raids at 17 locations were conducted in an investigation under the Prevention of Money Laundering Act.<\/p>\n","protected":false},"author":680,"featured_media":777030411,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"India's Enforcement Directorate has frozen US$12.6 million and seized 1,200 credit cards in a multi-location operation targeting illegal betting facilitated by Cyprus-based Parimatch. The investigation, under the Prevention of Money Laundering Act, alleges Parimatch generated over US$360 million annually through aggressive marketing and a complex network of mule accounts and disguised transactions, including leveraging payment companies whose licenses were rejected by the RBI.","focusai_entities":"Enforcement Directorate (ED), Parimatch, Reserve Bank of India (RBI)","focusai_location":"India, Cyprus, UK, Mumbai, Delhi, Jaipur, Hyderabad","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), affiliate_publisher (0.8), tech_data (0.75), marketing_crm (0.85), payments_fraud_aml (1.0), investor_analyst (0.9), supplier_vendor (0.85), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Impact on Payment Providers","query":"What are the specific implications for payment service providers regarding their due diligence processes and API access controls, given the alleged misuse by companies whose licenses were rejected by the RBI?"},{"label":"Regulatory Framework Gaps","query":"How might this enforcement action influence the Reserve Bank of India's approach to payment company licensing and the broader regulatory framework for online financial transactions to prevent similar illicit iGaming operations?"}],"footnotes":""},"categories":[439,16334],"tags":[58,24764],"class_list":["post-777030407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal-news","category-south-asia-news","tag-india","tag-money-laundering"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777030407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/680"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777030407"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777030407\/revisions"}],"predecessor-version":[{"id":777030428,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777030407\/revisions\/777030428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777030411"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777030407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777030407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777030407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}