Raids uncovered a complex layering network tied to the Parimatch betting app and 1,200 mule credit cards.
The Times of India reported that the ED, or Enforcement Directorate, has frozen Rs 110 crore held in mule accounts. It also seized 1,200 mule credit cards during nationwide raids connected to the Parimatch online gaming and betting app. The operation covered 17 locations in Mumbai, Delhi, Noida, Jaipur, Surat, Madurai, Kanpur, and Hyderabad.
Investigators allege that Parimatch, based in Cyprus, ran illegal betting operations in India by deceiving users with promises of high returns. The ED said the platform used aggressive marketing, celebrity endorsements, and surrogate advertising by Indian entities branded as Parimatch Sports and Parimatch News. Through these methods, it generated more than Rs 3,000 crore (US$360 million) in a year.
The probe revealed a sophisticated network of money laundering strategies. Operators withdrew user deposits in cash and passed them to hawala networks. They then converted the money into USDT cryptocurrency through UK-based virtual wallets registered under mule crypto accounts in Tamil Nadu. Domestic money transfer agents allegedly funneled funds through mule accounts and processed payments using mule credit cards in western India.
Authorities discovered that APIs from certain technology service providers allowed Parimatch agents to open mule accounts under e-commerce and payment company names. Operators collected funds through UPI transfers. They then layered and disguised the money as refunds, chargebacks, vendor payments, and other transactions to hide its true source.
The ED confirmed it is continuing to trace fund flows and identify more entities that facilitated Parimatch’s illegal operations. Further action is expected against both domestic and international networks connected to the scheme.
