ED raids 17 locations in Parimatch betting probe

Investigators uncover complex digital-money trail, hyperlocal promotion network.

Mumbai: The Enforcement Directorate (ED) has intensified its crackdown on illegal online betting platforms, conducting searches at 17 locations across six states in connection with the Cyprus-based betting platform Parimatch, which investigators claim generated more than Rs 3,000 crore within a year through alleged fraudulent operations.

During the coordinated raids carried out by the ED’s Mumbai Zonal Unit (MZU), officials seized Rs 1.2 crore in cash and froze bank balances worth Rs 3.8 crore.

So far, assets worth Rs 112 crore have been frozen in the case.

The searches were conducted in Maharashtra, Rajasthan, Delhi, Gujarat, Daman and Uttar Pradesh following a case registered by Mumbai Cyber Police against Parimatch.com for allegedly duping users through online betting operations.

According to ED officials, the investigation has revealed an elaborate financial network involving mule accounts, payment intermediaries and digital financial channels designed to conceal the movement of funds and evade regulatory scrutiny.

“Parimatch and its associates adopted a complex network of mule accounts, payment intermediaries and financial inclusion channels for collection, layering and transfer of user funds,” the ED said.

Investigators alleged that the platform used multiple current accounts opened in the names of software, fintech and technology-related firms, many of which were engaged in legitimate business activities. These accounts were allegedly used to route user deposits and payouts under the guise of vendor payments, business transactions and payment gateway services.

The ED said the operation reflected the growing sophistication of illegal betting networks in India, where digital payment systems, financial technology infrastructure and hyperlocal retail channels are increasingly being exploited to move money undetected.

In a significant finding, investigators claimed the betting network used Banking Correspondent (BC) networks, Grahak Seva Kendras, cash management services, local kirana stores and mobile money transfer agents to process payouts and layer transactions.

According to the probe agency, user funds were routed through retailers operating under BC networks, with money being transferred in multiple stages before payouts were made to users, effectively masking the original source of funds.

Officials also alleged that some agents diverted cash received through cash management channels and adjusted it against RTGS transfers linked to Parimatch user deposits. The funds were then allegedly transferred abroad through hawala channels.

The ED further claimed that Parimatch aggressively expanded its reach in India through surrogate advertising campaigns under names such as “Parimatch Sports” and “Parimatch News”.

Unlike conventional betting platforms, the company allegedly adopted a hyperlocal marketing strategy by sponsoring teams in local cricket leagues across more than 15 states, besides supporting hockey and football tournaments.

Investigators also found that betting-related promotional material was circulated through quick-commerce delivery platforms and grocery orders to attract new users.

Officials said the case highlights the increasing convergence of illegal betting operations with India’s rapidly expanding digital payments ecosystem, posing fresh regulatory and financial enforcement challenges.