Indian Money sent Abroad leads to Tax Evasion: GST Intelligence Probes Cyprus Online Gambling Company

A company named ‘Parimatch’, engaged in online betting and gambling operations in India, has been targeted by the Directorate General of GST Intelligence for sending Indian money abroad in attempts to evade tax. The company is registered in Cyprus, and its illegal operations were being conducted discreetly.

Despite online gambling and betting being illegal in India, Parimatch routed a significant amount of Indian money abroad, resulting in the loss of crores of GST revenue for India.

The Directorate General of Goods and Service Tax Intelligence has been established to investigate those evading GST payments. For the last few days, the department had been monitoring Parimatch and its transactions.

Officials familiar with the matter stated that Parimatch was not only involved in online gambling and betting, but it also had connections with football and kabaddi leagues in India.

During the investigation, it was found that the money of some prominent leaders and Bollywood celebrities was also parked with the company. The investigation is still ongoing.

Engaging in online gambling or placing bets is illegal in India, and the government has been taking measures to curb such activities. However, some entities continue to operate in secret, resulting in a significant loss of revenue for the country. The Directorate General of GST Intelligence has been established to investigate and take action against such entities.

It is essential for companies to comply with the laws and regulations of the countries they operate in. Non-compliance can lead to legal action, hefty fines, and damage to the company's reputation. This incident serves as a warning to companies engaging in illegal activities in India, and they should ensure that their operations are conducted in a legal and transparent manner.

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