Total assets attached, seized and frozen in the case now exceed Rs 343 crore, says the agency
The Enforcement Directorate (ED) has attached properties worth Rs 23.35 crore in the alleged online betting racket case linked to Karnataka MLA K.C. Veerendra, the agency said on Tuesday.
The ED’s Bengaluru zonal office attached movable properties worth Rs 13.77 crore and immovable properties worth Rs 9.58 crore under the Prevention of Money Laundering Act (PMLA). The action follows a Provisional Attachment Order issued on October 23 against assets held by Veerendra, Neha Tandon, director of SimTech IT Solutions Private Limited, and her husband Gulshan Khattar.
According to the ED, its probe began after multiple FIRs alleging cheating, cheating by personation, criminal conspiracy and extortion through online betting and gambling platforms. The agency alleges a nationwide network of betting websites, payment gateways, shell companies and mule accounts, controlled by Veerendra and his associates, which generated and laundered illicit proceeds.
The ED alleges that Veerendra and his associates ran illegal betting platforms, including King567. Players were allegedly induced to deposit money and were then cheated through manipulated betting and blocked withdrawals. The agency says it traced proceeds of crime of more than Rs 2,300 crore, allegedly layered through multiple accounts, hawala channels and offshore entities, and used for luxury assets, business investments, foreign remittances and personal expenses.
The agency also says Fonepaisa Payment Solutions Private Limited, beneficially owned by Khattar, received large commissions as a key payment gateway in the betting ecosystem, and that assets worth about Rs 33 crore were attached on January 29, 2026. It says SimTech received funds from mule accounts linked to King567. On Tandon, the ED said she had no active role in managing the firm, which was handled by her husband, but argued that properties in her name still represent proceeds of crime.
The latest step follows earlier action. The ED searched more than 60 premises across several states, seizing and freezing cash, gold bullion, jewellery, mule-account balances, vehicles, digital devices and documents, and arrested Veerendra under Section 19 of the PMLA. It filed a prosecution complaint on October 18, 2025 and a supplementary one on February 20, 2026, and a special PMLA court took cognizance on May 4, 2026. Properties worth Rs 177.30 crore were attached earlier and later confirmed by the Adjudicating Authority.
Together, the value of properties attached, seized and frozen in the case now exceeds Rs 343 crore, the ED said. The agency said the latest attachment is meant to safeguard the value of the proceeds of crime.
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