Pakistan National’s Betting App case: ED raids 21 locations under PMLA
The official announced that ED personnel have conducted as many as 68 searches in this case so far and have seized funds and assets worth a total of Rs 3.55 crore.
PMLA – ED – ED raids 21 locations under PMLA – Taxscan
PMLA – ED – ED raids 21 locations under PMLA – Taxscan
The Enforcement Directorate ( ED ) announced that it had carried out fresh raids at 21 locations in Delhi, Mumbai, and Pune under the provisions of the Prevention of Money Laundering Act ( PMLA ). As per the reports these actions were conducted as part of an ongoing investigation into operatives linked to an 'unlawful' betting website.
The website owned by Pakistani nationals, was also involved in the illegal broadcasting of Men's T20 Cricket World Cup matches.
The ED confirmed that its teams from Ahmedabad conducted searches between December 10 and 12 in the case against the portal named ‘Magicwin’. Bank funds, to the tune of Rs 30 lakh approximately, were frozen along with various other incriminating documents and digital devices that have been seized under provisions of the PMLA. The case was registered by the cybercrime unit of the Ahmedabad Police in Gujarat.
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Through the investigation, the ED identified Magicwin as a “betting” website, which is “guised” as a gaming portal and is “actually owned” by Pakistani nationals. The operations of this website are mostly handled by Indian nationals working or settled in Dubai. Websites like these typically offer games and betting options that users participate in by wagering money in hopes of winning rewards.
As per the report, the betting games being shown on the website are originally played in the Philippines and other countries, which allow betting activities, adding that investigations revealed that the same is “re-telecasted” on Magicwin’s website by copying the APIs (application programming interface) of the original games.
The official found that the money deposited in the bank accounts by the players/bettors was “diverted” through layers of “shell and mule” bank accounts. Furthermore, the profit portion of the owners “was invested in crypto assets, withdrawn in cash, or sent to Dubai through Hawala channels”. The official announced that ED personnel have conducted as many as 68 searches in this case so far and have seized funds and assets worth a total of Rs 3.55 crore.
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