ED raids Ahmedabad fintech for illegal betting; freezes bank deposits
The Enforcement Directorate (ED) on Tuesday said it has frozen Rs.3.05 crore worth of bank funds after it raided a fintech company and its promoters who allegedly indulged in illegal online betting and gaming.
The raids were carried out on Monday as part of a money laundering investigation against a person identified as Rakesh R Rajdev and an online portal “http://www.Wolf777.Com”
The anti-money laundering agency, in a statement, said that its case, filed under various sections of the Prevention of Money Laundering Act (PMLA), stems from an Ahmedabad Police FIR which alleged that Rajdev and others opened a bank account in the name of Akash Ojha, using his PAN and Aadhaar, without his knowledge and used that account for transacting Rs.170.7 crore of betting money generated through the above-mentioned website.
The ED found during the probe that the accused were operating through a private communication platform and providing login IDs and passwords to persons who wanted to place bets online. “This website is providing platform for placing bets on various types of speculation games such as ‘Teen Patti’, ‘Rummy’, ‘Andar Bahar’, ‘Poker’ and also on various live games, including cricket matches,” the ED said.
The players were asked to deposit money in their accounts for buying credits/ coins through online mode and once the money is deposited, the person can place bets on the website using the login id and password, it said.
“The money generated through these betting apps (applications) are being traced and it has been found that bank accounts in the name of various fictitious entities have been opened for routing and layering of money and after routing through multiple layers, the money is being sent abroad through bogus entities in the guise of import,” said the agency.
The ED said as many as 150 bank accounts were “involved in the layering of funds received from individual persons” and hence, after the searches, an amount of Rs.3.05 crore kept in these accounts was frozen under sections of the PMLA.
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Good. Should be Rs. 300 crores. India has no money to bet – only Rs. 3 crores ? Not worth going to court on such small amounts.
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