India ED Expands Parimatch Probe With Searches at 17 Locations
The searches were conducted on September 2 across Maharashtra, Rajasthan, Delhi, Gujarat and Uttar Pradesh under the Prevention of Money Laundering Act. Investigators are examining companies and intermediaries allegedly involved in moving proceeds generated through the betting operation.
The ED estimates that the platform generated more than ₹3,000 crore from users in a single year.
Investigators Focus on How Betting Funds Moved
According to the Enforcement Directorate, several methods may have been used to move money without relying on accounts directly associated with Parimatch. The agency is examining allegations that:
- Betting proceeds were converted into cash through cash-management agents;
- Player deposits and withdrawals passed through third-party business accounts;
- Part of the money was sent abroad through informal remittance channels;
- Overseas transfers were presented as investments in foreign companies.
The probe has also examined payment gateways allegedly used to process deposits and withdrawals for the platform. The investigation builds on earlier enforcement action in the same case. Authorities previously said they had identified mule accounts and intermediary businesses used to collect or distribute funds connected with betting activity.
Player Deposits Allegedly Covered Other Withdrawals
One of the more unusual mechanisms described by investigators concerns payouts to players. The ED alleges that money deposited by one customer could be transferred directly to another customer who had requested a withdrawal. In such cases, the payout did not need to come from an account openly linked to Parimatch. Transfers could also be divided into several smaller payments.
This structure would make the transaction trail harder to read. A bank statement might show money moving between unrelated individuals or businesses, while the betting platform itself would not appear as the sender.
Investigators say accounts belonging to software, fintech and other commercial firms were also used. Some transfers could therefore resemble normal payments for services, suppliers or other business activity.
Retail Agents Also Appear in the Case
Earlier stages of the investigation identified a wider network of intermediaries. The ED said banking correspondents, local money-transfer agents, service centers, small shops and other retail outlets may have been involved at different points. Some funds were later allegedly moved abroad through hawala channels.
The latest searches led to around ₹37 crore in bank balances being frozen and about ₹2.11 crore in movable assets being seized. The ED says the total value of assets frozen or seized during the investigation has reached approximately ₹150 crore.
ED Follows the Money Beyond Operator Accounts
The Parimatch investigation shows why enforcement cases against offshore betting platforms can spread well beyond the operator itself. If the ED’s allegations are confirmed, the movement of funds involved individual players, commercial companies, retail agents and overseas channels. That gives investigators several separate points to pursue even when the betting brand has no clear domestic banking footprint.