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Indian authorities have intensified their fight against illegal betting operations, freezing over ₹110 crore (approximately $12.6 million) and confiscating 1,200 mule credit cards in a sweeping nationwide raid connected to the Parimatch online gaming platform.
Multi-City Raids and Massive Revenue Trail
The Enforcement Directorate’s (ED) investigation spanned 17 locations across key cities including Mumbai, Delhi, Noida, Jaipur, Surat, Madurai, Kanpur and Hyderabad. According to officials, the Cyprus-based betting brand allegedly pulled in more than ₹3,000 crore (about $360 million) within a single year through unlicensed operations targeting Indian users.
The network reportedly relied on aggressive marketing, celebrity endorsements, and surrogate advertising under Indian fronts such as Parimatch Sports and Parimatch News. Behind the scenes, the ED uncovered an intricate web of money laundering techniques designed to disguise the source of funds.
Complex Laundering Methods Uncovered
In Tamil Nadu, deposits from users were allegedly withdrawn in cash, handed to hawala operators, and then converted into USDT cryptocurrency via UK-based virtual wallets opened under mule identities. In other regions, domestic transfer agents are believed to have channelled payments through mule accounts, using stolen or fake credit cards to process transactions.
Investigators also found that some technology service providers enabled the creation of mule accounts disguised as e-commerce or payment company accounts. Money collected via UPI was layered through bogus refunds, vendor payments, and chargebacks to obscure its origins. Even payment aggregators previously barred from working with the company appear to have continued providing services under alternative arrangements.
The ED is now working to map out the entire network, both within India and overseas, in a bid to dismantle the infrastructure that allowed Parimatch’s alleged illegal betting activities to thrive. More action is expected in the coming weeks as the investigation deepens.
Source: gamblinginsider.com
