Authorities launched a major operation against Parimatch, the Cyprus-based platform, shaking up India’s betting world. With millions of rupees now frozen and hundreds of people potentially affected by what officials are calling an illegal gambling scheme, what started as routine investigations has turned into something much bigger.
When officials went after this operation, they didn’t hold back. They froze bank accounts containing millions in funds and seized a lurching 1,200 credit cards during their investigation. This wasn’t just about grabbing some cards and calling it a day. The whole operation runs much deeper than anyone expects from a typical betting bust.
What makes this case specifically interesting is how Parimatch allegedly operated in India. Authorities say the company ran an aggressive marketing campaign that would make any advertising executive jealous. Using sponsorships with sports tournaments and collaborations with celebrities, it created the impression that the company was completely legitimate.
A major operation against Parimatch, the Cyprus-based platform, has shaken up India’s betting world. According to the authorities, all this flashy marketing was essentially a cover for what they consider an illegal operation.
Authorities describe the financial setup as quite complicated. However, here’s what they think was happening. Parimatch would allegedly attract investors, then route their funds by what officials call mule accounts. Authorities used these accounts to withdraw cash in Tamil Nadu. The funds were then used to recharge virtual wallets of a UK-based company.
It’s a game of finance with money constantly circulating until it is impossible to say where it originally came from. Officials targeted major cities like Mumbai, Delhi, Jaipur, and Hyderabad, conducting raids at 17 locations to piece the puzzle together. They confiscated cash, documents, and gadgets, hoping these items will reveal more about the operation.
