The agency said the targeted premises were linked to payment companies, payment gateways, chartered accountants and company secretaries allegedly suspected of facilitating the movement of betting proceeds for the platform. Investigators are looking at how betting proceeds were converted into cash, along with suspected offshore transfers and overseas direct investments allegedly used to move funds out of India.<\/p>\n\n\n\n
The latest action follows searches at 17 locations across Maharashtra, Rajasthan, Delhi, Gujarat, Daman and Uttar Pradesh on May 26. During that operation, the ED seized movable assets worth about Rs 1.56 crore (US$165,204), including approximately Rs 1.2 crore (US$127,080) in cash, and froze around Rs 3.8 crore (US$402,420) held in bank accounts. Documents and digital devices were also seized.<\/p>\n\n\n\n
The ED said its investigation began after Mumbai Cyber Police<\/strong> registered an FIR against Parimatch.com over alleged fraud through the betting platform. Its findings so far indicate that more than Rs 3,000 crore (US$317.7m) was generated in one year through the operation.<\/p>\n\n\n\n The agency claims funds were moved through networks of mule accounts, payment intermediaries and financial service channels to obscure the source and destination of the money. Some user withdrawals were allegedly funded through deposits made by other users. In these cases, money was transferred in several instalments to the withdrawing users\u2019 bank accounts or UPI IDs rather than being paid directly from accounts controlled by the platform, the ED says.<\/p>\n\n\n\n The investigation has also identified the alleged use of retail outlets, Grahak Seva Kendras, Banking Correspondent networks and cash management channels to process transactions. The agency said some funds were subsequently moved through hawala channels to locations outside India.<\/p>\n\n\n\n Beyond the financial investigation, the ED is examining how Parimatch attracted customers in the Indian market. The agency said the platform used surrogate brands including Parimatch Sports and Parimatch News, sponsored local cricket competitions across more than 15 states, and promoted betting-related material around hockey and football events.<\/p>\n\n\n\n The Directorate also alleged that promotional material was distributed through quick-commerce applications and grocery deliveries to attract users to the betting platform. The probe remains ongoing, with the ED examining financial documents, digital evidence and transaction records obtained during the searches. <\/p>\n\n\n\n <\/p>\n\n\n![\"\"](\"https:\/\/focusgn.com\/asia-pacific\/wp-content\/uploads\/sites\/5\/2026\/05\/b38aa41d-e443-4482-99c0-a36b71cf4ea7-300x200.jpg\")
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