Archive · 5 Oct 2026
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.
The Enforcement Directorate suspects betting proceeds were presented as investments in overseas technology ventures, including companies claiming to work in AI.
In the Parimatch probe, investigators traced more than Rs 200 crore in suspected proceeds to remittances from two Delhi-based companies to entities in Singapore.
Sources say more than Rs 2,000 crore has been routed through similar purported overseas investment structures.
Investigators allege newly formed companies, dummy directors and inflated valuations were used to make transfers appear legitimate.
The ED is examining the role of company secretaries and may share its findings with the Reserve Bank of India.
- Who
- The Enforcement Directorate is investigating alleged betting proceeds and the companies involved in transferring them.
- What
- Investigators suspect proceeds were routed abroad as purported investments in technology and AI ventures.
- When
- The article gives no date for the suspected transactions; the ED searched multiple locations in September.
- Where
- The suspected transfers involved Indian companies, including two based in Delhi, and overseas entities including those in Singapore.
- Why
- Investigators suspect the investment descriptions and valuations were used to disguise the origin and destination of betting proceeds.
- 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