5 hrs ago

ED Probe Suspects Betting Proceeds Routed Abroad Through AI Investments

Investigators are looking into whether money from illegal betting was sent to other countries.

They suspect some transfers were described as investments in technology and AI companies.

In one case, more than Rs 200 crore was traced from two Delhi-based companies to companies in Singapore.

Investigators say some of the companies had little business activity.

They also suspect that newly created companies and unusually high valuations helped make the transfers look genuine.

Sources say similar routes may have moved more than Rs 2,000 crore.

The money may then have passed through more companies before reaching betting app promoters.

These are allegations under investigation, not final findings.

Key facts

Agency: Enforcement Directorate (ED)
Platform under investigation: Parimatch, described as a Cyprus-based betting platform banned in India but allegedly still operating through mirror websites
Parimatch-linked trail: More than Rs 200 crore in suspected proceeds allegedly routed through purported overseas technology investments
Broader suspected route: Sources say more than Rs 2,000 crore has been routed through similar structures
Destination identified: Entities in Singapore received remittances from two Delhi-based companies
Alleged valuation method: Discounted Cash Flow (DCF), which investigators suspect was used to assign artificially high valuations
Parimatch revenue figure: The ED probe found the platform generated more than Rs 3,000 crore from Indian users in a year

freepressjournal.in · 5 hrs ago