Parimatch Probe Traces ₹200Cr Through AI Investment Route

The Parimatch amount is only one part of the investigation. ED now suspects illegal betting networks may have moved more than ₹2,000 crore ($208.3 million) out of India using similar investment structures.

USD conversions use the latest available FBIL reference rate before October 3, 2026: ₹95.9927 per $1 on October 1.

Delhi Firms Sent More Than ₹200Cr to Singapore

The Economic Times reported that two companies in Delhi transferred more than ₹200 crore ($20.8 million) to entities in Singapore. The payments were recorded as overseas investments.

The companies involved allegedly had little visible business activity. Some domestic and foreign entities were incorporated close to the time funds started moving, while others later became inactive.

AI and technology businesses gave the transactions another layer. ED is looking at companies valued through discounted cash flow calculations despite limited operating history, revenue or assets.

That allowed projected future earnings to support much higher valuations. Company secretaries involved in valuation and compliance documents are also being examined.

Overseas Investments Were Already Part of the Case

The foreign-investment angle itself is not new. 15M reported on September 5 that ED was already examining Parimatch-linked funds allegedly sent abroad as investments in foreign companies.

What has changed is the level of detail. The October findings identify AI and technology companies, valuation methods and a Delhi-to-Singapore route tied to more than ₹200 crore. A May ED release said the agency had frozen assets worth ₹112 crore ($11.7 million) in the Parimatch case by May 2026.

For scale, the newly detailed ₹200 crore route is almost 1.8 times the value of assets frozen in the case by May. The two figures measure different things: one is a suspected remittance trail, while ₹112 crore is the value of assets ED said it had frozen.