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India’s Enforcement Directorate (ED) has filed a prosecution complaint under the Prevention of Money Laundering Act (PMLA) against an online betting platform it says was run through a cross-border network and funded through layered transactions, hawala routes and crypto.
The complaint, the equivalent of a chargesheet, was filed on Jan. 15, 2026, before a special PMLA court in Ahmedabad, and names 14 individuals and entities linked to the operation, according to the agency’s statement carried by Indian media.
The case centres on Magicwin, which investigators describe as operating like a betting exchange, offering sports wagering alongside casino-style games, while using “mule” accounts to move money.
A UK-registered company, Pakistani directors, and an alleged UAE-based control layer
ED has pointed to Magicwin Sports Ltd, registered in the United Kingdom, as the company behind the brand portal. The agency said the business had Pakistani nationals as directors, and alleged the operational handling involved people based in the UAE (including Dubai).
In an earlier Ahmedabad zonal office press release tied to the same investigation, ED said the site was a “betting website guised as gaming,” and claimed it was “owned by Pakistani nationals,” with operations “mostly handled” by Indian nationals working or settled in Dubai.
The trigger: a cybercrime FIR and allegations tied to T20 World Cup streaming
The money-laundering probe, ED said, grew out of an Ahmedabad cybercrime police FIR that accused the portal of unauthorised hosting, streaming and broadcasting of ICC Men’s T20 World Cup 2024 matches. The FIR referenced broadcast rights held by Star India Pvt. Ltd., ED said.
That link between piracy and illegal wagering is a familiar pattern in enforcement files: a “watch the match while you bet” user journey that pulls traffic in, then pushes deposits through payment rails that are harder to trace once they’re split across accounts and intermediaries.
Live casino, sports markets, and celebrity promotion also flagged
Alongside sports betting, ED has said Magicwin offered live-dealer casino content, naming games such as roulette and blackjack, and covered multiple sports including cricket, football and tennis.
In the 2024 press release, ED also alleged the brand hosted a launch party in India attended by film celebrities, and ran advertising via social media and outdoor hoardings.
Those claims matter because promotion can broaden liability and widen the circle of entities dragged into an investigation, from marketers and influencers to the payment and merchant partners that keep deposits and withdrawals running.
Source: Indian Express
