ED finds Rs.8 cr in cash, watches, and more in raids at Fairplay’s premises
The Enforcement Directorate (ED) conducted raids at 19 locations in Mumbai and Pune on Wednesday, the ED targeted the betting website ‘Fairplay’, which was involved in online betting on the LS election results and illegal broadcast of IPL matches.
This operation is linked to a complaint lodged by Viacom18 Media Pvt Limited with the Mumbai Police against Fairplay Sports LLC and other entities by a media company complaining of revenue losses of over Rs.100 crore, and international ramifications.
ED swooped on multiple locations in Maharashtra in connection with betting during IPL matches and the recent Lok Sabha elections and seized assets worth over Rs.8 crore, an official statement said.
The major operation led to the recovery of various assets worth Rs.8 crore, including cash, bank deposits, demat accounts, and luxury watches, along with incriminating documents and digital devices.
These assets have been seized, frozen, or confiscated for the ongoing investigation under the Prevention of Money Laundering Act, the ED said.
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