MUMBAI: The Enforcement Directorate (ED), Western Region (WR), conducted searches at the premises of a private firm, Virtous Payment Solutions LLP, as part of its money-laundering investigation related to alleged illegal online betting - gaming activities. The firm is suspected of involvement in routing illegal proceeds from online betting - gaming activities.
The agency’s Ahmedabad Zonal Office also conducted searches at the residential premises of people involved in the operations of the firm at four locations in New Delhi and Gurgaon on Friday, under the provisions of the Prevention of Money Laundering Act (PMLA).
ED’s probe is based on a First Information Report (FIR) registered by the Ahmedabad police under various sections of the Indian Penal Code (IPC) against Rakesh Pratapbhai Rajdev and other unknown persons. It was alleged that Rajdev had conspired with others to form multiple firms and opened/operated bank accounts for transfer of illegal betting proceeds by using forged documents of unsuspecting people, ED sources said.
The forged documents were used for opening a bank account in the name of ‘Akash Oja’. This account was allegedly used for transactions related to routing/diverting/layering of betting proceeds to avoid coming under the scanner of authorities. During its investigation, ED traced the proceeds of crime - the money generated through multiple betting apps, the sources said.
“It was found that that bank accounts in the name of various fictitious entities were opened for the purpose of routing and layering of money, including M/s Virtous Payment Solutions LLP,” an ED source said. During the search operations, various “incriminating documents” were found and critical information regarding the case was obtained from the beneficial owners of the firm, the sources added.
{{/usCountry}}“It was found that that bank accounts in the name of various fictitious entities were opened for the purpose of routing and layering of money, including M/s Virtous Payment Solutions LLP,” an ED source said. During the search operations, various “incriminating documents” were found and critical information regarding the case was obtained from the beneficial owners of the firm, the sources added.
{{/usCountry}}The agency has so far seized an amount of around ₹49 crore in the case. The seized funds were lying in various bank accounts and belonged allegedly to firms/individuals involved in the layering and accumulation of the betting proceeds, the ED sources revealed.
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