ED raids 21 locations in Delhi, Mumbai, Pune over Pakistan nationals’ betting app under PMLA

The official said the agency’s investigation has also found that the money deposited in the bank accounts by the players/bettors was “diverted” through layers of “shell and mule” bank accounts. Furthermore, the profit portion of the owners “was invested in crypto assets, withdrawn in cash, or sent to Dubai through Hawala channels”.

“The winning amounts of the players/bettors were transferred to their bank accounts through merchant accounts of various shell companies maintained with payment gateways. These amounts were also transferred to the players’ bank accounts through Domestic Money Transfer (DMT),” the official said.

A “launch party” for the portal, where several “B-town celebrities” attended and endorsed Magicwin, is also under the scanner of the agency, the official added.

“These celebrities also did video and photo shoots for Magicwin and posted them on their social media accounts for its “promotion”. Advertisements were also done through hoardings out of home (OOH) in various parts of India, including Gujarat and Maharashtra,” the official said, quoting the ED’s findings while adding that the profits generated have been more than 50 percent of the total deposits made by the players.

The official said that ED personnel have conducted as many as 68 searches in this case so far and have seized funds and assets worth a total of Rs 3.55 crore.

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