ED raids 12 premises, freezes over 100 accounts in Rs 58 crore online betting scam

NEW DELHI: The Enforcement Directorate (ED) raided 12 premises in Nagpur, Gondia and Ahmedabad on August 18 in connection with a funds laundering probe into an online gaming and betting fraud involving allegedly manipulated platforms such as Diamondexchange.com, wolf777.com and world777.com, office-holders.

Key points

• The raids were carried out at the premises of accused Anant Navratran Jain, alias Sontu Jain, and his associates under the Prevention of Funds Laundering Act (PMLA), 2002.
• During the August 18 searches, the agency seized Rs 30.30 lakh in cash and froze more than 100 bank accounts.
• The federal probing agency began its investigation based on an FIR registered at the Cyber Crime Police Station in Nagpur City against Jain and others.
• Documents relating to immovable properties worth approximately Rs 16.50 crore were seized as well.
• The complainant was defrauded of approximately Rs 58.42 crore, the agency remarked.

Meanwhile, the raids were carried out at the premises of accused Anant Navratran Jain, alias Sontu Jain, and his associates under the Prevention of Funds Laundering Act (PMLA), 2002.

Meanwhile, the federal probing agency began its investigation based on an FIR registered at the Cyber Crime Police Station in Nagpur City against Jain and others.

Notably, the agency remarked Jain induced a complainant to invest heavily in online gaming by promising high returns and directed him to platforms including Diamondexch, Indianexch, Lotusbook and World777.

For context, the complainant was allegedly pushed to keep depositing funds despite mounting losses, with the platforms purportedly rigged so that technical glitches surfaced whenever he neared a win, preventing him from collecting on bets. The complainant was defrauded of approximately Rs 58.42 crore, the agency remarked.

Notably, the federal probing agency remarked the proceeds from the racket were funnelled through multiple channels – cash handed over via couriers using hawala style "token" notes for identification, or bank transfers to "agent accounts" designated by Jain.

For context, a number of mule accounts held in the names of different persons and entities were allegedly employed to receive, layer and launder the funds. Transactions running into a number of crores were either withdrawn in cash or remitted abroad under the guise of import payments, the ED stated.

During the August 18 searches, the agency seized Rs 30.30 lakh in cash and froze more than 100 bank accounts. Mutual funds and shares worth an aggregate of regarding Rs 5 crore were additionally frozen.

Two bank lockers and three luxury vehicles valued at around Rs 1.70 crore were additionally seized, along with 11 mobile phones and a laptop containing digital evidence of the gaming operations and financial transactions. Documents relating to immovable properties worth approximately Rs 16.50 crore were seized as well.

In short, ED raids 12 premises, freezes over 100 accounts in Rs 58 crore is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.