"Magicwin" loses as ED Enforcement Seizes Rs. 3.55 Cr worth of Assets for Illegal T20 Cricket Broadcasts
To date, the ED has conducted 68 searches in connection with the case, leading to the freezing and seizure of assets worth approximately ₹3.55 crore
Magicwin – ED Enforcement – Worth of Assets – Illegal T20 Cricket Broadcasts – taxscan
Magicwin – ED Enforcement – Worth of Assets – Illegal T20 Cricket Broadcasts – taxscan
The Directorate of Enforcement ( ED ), Ahmedabad Zonal Office, has intensified its investigation into the illegal operations of the betting website "Magicwin." The ED recently conducted search operations across 21 locations in Delhi, Mumbai, and Pune on December 10 and 12, under the Prevention of Money Laundering Act ( PMLA ), 2002.
The searches uncovered a massive illegal betting network, with funds amounting to ₹30 lakh frozen and several incriminating documents and digital devices seized. The investigation started from a First Information Report ( FIR ) filed by the Cyber Crime Police in Ahmedabad, highlighting the involvement of Magicwin in unauthorized broadcasting of the Cricket Men’s T20 World Cup matches and online betting activities.
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Preliminary findings indicate that Magicwin, disguised as a gaming platform, is owned by Pakistani nationals but primarily operated by Indian nationals based in Dubai. The website’s betting activities, including deposits, wagers, and withdrawals, are controlled by its owners. Moreover, Magicwin streams betting games sourced from countries like the Philippines, where betting is legal, by copying the APIs of the original games.
The ED discovered that funds deposited by players were funneled through multiple layers of shell companies and mule accounts. A significant portion of the profits was either converted into cryptocurrency, withdrawn in cash, or transferred to Dubai through hawala networks. Winning amounts were disbursed to players via domestic money transfer ( DMT ) mechanisms or through merchant accounts of shell companies managed by payment gateways.
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The promotional activities of the company also drew the attention of the ED. A high-profile launch party in India was attended by several Bollywood celebrities who endorsed the platform through photoshoots and social media campaigns. Advertisements were strategically placed on hoardings in Gujarat, Maharashtra, and other states.
As the ED continues its investigation to dismantle the network and prosecute those involved, the growing challenges posed by illegal online betting platforms and their impact on financial security and social order is a concern to be addressed by strict law enforcement.
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