Target Online Betting Money Laundering: The Enforcement Directorate (ED) carried out search operations under the Prevention of Money Laundering Act (PMLA), 2002, at four locations in New Delhi and Gurgaon on August 14, 2024. The searches targeted the residential premises of individuals linked to M/s Virtous Payment Solutions LLP, a company suspected of facilitating the laundering of illegal proceeds from online betting and gambling activities.
Target Online Betting Money Laundering: Background of the Investigation
The investigation was initiated following an FIR lodged by the DCB Police in Ahmedabad, alleging that Rakesh Pratapbhai Rajdev and others were involved in a criminal conspiracy. The accused were forming companies and operating bank accounts using forged documents to transfer betting proceeds.
Details of the Search Operations
ED’s investigation revealed that forged documents were used to open a bank account in the name of Akash Oja, which was utilized to route and layer betting proceeds. The searches uncovered incriminating documents and key information from the beneficial owners of M/s Virtous Payment Solutions LLP.
Seizures and Findings
During the operation, the ED seized approximately Rs. 49 crore from various bank accounts associated with the implicated firms and individuals. The seized amount represents the proceeds generated through illegal betting apps.
Ongoing Investigation
The case is ongoing, with further investigations aimed at unraveling the full extent of the money laundering network and tracing additional illicit funds. The ED continues to work on ensuring accountability and preventing financial crimes related to online betting activities.
