Mumbai: The Enforcement Directorate (ED) has frozen funds worth around Rs 110 crore in multiple bank accounts during searches at 17 locations across eight cities, including Mumbai, Delhi, Noida, Jaipur, Surat, Madurai, Kanpur, and Hyderabad. This was part of its money laundering probe into the Cyprus-based illegal online betting platform Parimatch.
The searches, conducted on August 12 under the Prevention of Money Laundering Act (PMLA), 2002, are linked to an ongoing investigation into the platform’s alleged role in routing and laundering betting proceeds.
According to an official ED statement, the frozen funds were parked in multiple bank accounts allegedly operated as “mule accounts” for layering and diverting money. The agency also seized various documents and digital devices during the operation.
The probe stems from a complaint by the Cyber Police Station, Mumbai, accusing Parimatch.com of duping users through its betting platform. The platform allegedly lured investors with promises of high returns, generating over Rs 3,000 crore in a year, the ED said.
The agency’s probe revealed that Parimatch deployed multiple strategies to route user funds across India.
ED investigations revealed that Parimatch routed users’ deposits through “mule” bank accounts across the country. In one instance, deposits in Tamil Nadu were withdrawn in cash and handed to hawala operators, who used the funds to recharge virtual wallets of a UK-based entity. The wallets were then used to buy USDT cryptocurrency in the names of mule crypto accounts allegedly operated by Parimatch agents.
In western India, the platform allegedly engaged domestic money transfer (DMT) agents to channel deposits. Funds in mule accounts controlled by these agents were routed to Parimatch via payments made using more than 1,200 seized mule credit cards.
The ED also alleged that some payment companies, whose applications for Payment Aggregator licences were rejected by the Reserve Bank of India(RBI), provided services to Parimatch under the guise of technology service providers (TSPs). These firms allegedly provided API access to collect funds through mule accounts registered as e-commerce or payment solution provider companies. The money was then layered via UPI transfers and disguised as e-commerce refunds, vendor payments, and chargebacks.
Investigation reveal that Parimatch is said to have gained visibility in India through aggressive marketing campaigns, sponsorship of sports tournaments, and celebrity endorsements. Indian-registered entities — Parimatch Sports and Parimatch News — were allegedly used to run surrogate advertisements, with payments made via foreign inward remittances.
The ED said the investigation is ongoing, with further scrutiny of seized material and bank transactions underway to identify the complete money trail and associated entities.
