New Delhi, 02 September (H.S.): The Mumbai Zonal team of the Enforcement Directorate (ED) conducted searches at 12 locations across the country in connection with a case involving illegal betting platform Parimatch and others. The ED carried out the action under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002.

According to the ED, Wednesday’s operation covered five locations in Maharashtra, two in Rajasthan, one in Gujarat and four locations in Delhi-NCR. The searches also covered the premises of payment companies that allegedly converted betting proceeds into cash through agents operating under cash management systems. In addition, premises linked to certain chartered accountants and company secretaries were searched for allegedly facilitating the transfer of funds out of the country through illegal remittances and purportedly fictitious foreign direct investments.

According to the ED, payment gateways involved in handling the receipt and disbursement of funds on behalf of Parimatch were also covered by the searches. The agency is investigating the flow of betting proceeds and their transfer through various channels.

During the search operation, the ED is seeking to gather evidence relating to transactions involving funds allegedly generated through illegal betting, their conversion into cash, transfer abroad and subsequent layering through purportedly fictitious investments. Further investigation in the case is underway.

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Hindusthan Samachar / Jun Sarkar