The ED froze 150 bank accounts of a fintech firm involved in online betting and layering of funds.
Mumbai ,UPDATED: Mar 29, 2023 00:04 IST
According to the ED, the bank acccounts were used for layering of funds received from individuals who were placing bets online. (File photo)
By Divyesh Singh: The Enforcement Directorate (ED) on Tuesday carried out searches at a fintech company involved in an illegal betting case and froze 150 bank accounts of the firm collectively containing Rs 3.05 crore under provisions of the Prevention of Money Laundering Act (PMLA).
According to the ED, the bank accounts were used for layering of funds received from individuals who were placing bets through a website www.wolf777.com.
The ED initiated a probe after recording an Enforcement Case Information Report based on an FIR registered by the DCB police station in Ahmedabad.
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According to the FIR, an accused identified as Rakesh Rajdev and others had opened a bank account in the name of Akash Ojha, using his PAN and AADHAR details, without his knowledge and used the account for transacting Rs. 170.70 crore of betting money generated through the betting website www.wolf777.com.
During the investigation carried out under PMLA, it was found that the accused were operating through a private communication platform and providing the login Id and password to people who wanted to place bets online.
The website www.wolf777.com was providing a platform for placing bets on various types of speculation games such as ‘Teen Patti’, ‘Rummy’, ‘Andar Bahar’,’Poker’ and also on various live games including cricket matches.
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They were asked to deposit money in the accounts of the fintech company for buying credits/coins online and once money was deposited, it allowed the bettor to place bets on the website using the login ID and password.
The ED traced the proceeds of the crime i.e. the money generated through the betting apps and found that bank accounts in the name of various fictitious entities had been opened for routing and layering of money. After routing through multiple layers, the money was being sent abroad through bogus entities in the guise of import. Investigation is underway.