ED probe unearths huge profits of betting site, Magicwin

The Enforcement Directorate (ED) money-laundering investigation into an alleged online betting website has revealed that the site earned profits that were more than 50 per cent of the total deposits made by the betting players

MUMBAI: The Enforcement Directorate (ED) money-laundering investigation into an alleged online betting website has revealed that the site earned profits that were more than 50 per cent of the total deposits made by the betting players.

ED probe unearths huge profits of betting site, Magicwin

The probe revealed the alleged use of a network of shell firms /mule bank accounts to divert the money deposited by the players in transactions to the betting site, Magicwin. The agency recently conducted search operations under the provisions of the Prevention of Money Laundering Act (PMLA), at 21 locations in Mumbai, Pune and Delhi as part of its probe. The alleged betting site is accused of illegally broadcasting the cricket Men’ T20 World Cup matches.

The agency’s investigation revealed that the winning amounts of the players are allegedly transferred to their respective bank accounts through merchant accounts of various shell companies maintained with payment gateways/aggregators. The amounts are also allegedly transferred though domestic money transfer, according to ED.

ED initiated its investigation on the basis of a case registered by Cyber Crime police, Ahmedabad. Its investigation revealed that the betting -gaming website is allegedly operated from Dubai but is owned by Pakistani nationals. The probe also revealed that the betting games allegedly shown on the website are actually played in Philippines and other countries, where betting activities are allowed. The agency has conducted 68 searches so far in the case and has seized incriminating documents, digital devices and seized assets worth ₹3.55 crore.