ED Freezes ₹110 cr in Mule Accounts in Parimatch PMLA Case

The Enforcement Directorate (ED) has frozen ₹110 crore in mule bank accounts in a money laundering case against Parimatch, a Cyprus-based online betting platform accused of duping investors and generating over ₹3,000 crore annually. The agency also seized 1,200 credit cards during searches at 17 locations across the country. Parimatch allegedly routed funds through mule accounts and used unlicensed payment companies to conceal its origin.

The Enforcement Directorate (ED) has frozen ₹110 crore in bank accounts linked to Parimatch, a Cyprus-based online betting platform, in a significant money laundering case. The ED also seized 1,200 credit cards during searches conducted at 17 locations across India. The action follows allegations that Parimatch duped investors by promising high returns and generating over ₹3,000 crore annually.

According to the ED, Parimatch used aggressive marketing strategies, including sports sponsorships and celebrity endorsements, to gain prominence in the country. The agency accused the platform of routing funds through mule accounts using various strategies nationwide. In one instance, funds deposited by users into mule accounts were withdrawn in Tamil Nadu and handed to hawala operators, who then recharged virtual wallets of a UK-based company. These wallets were used to buy cryptocurrency under mule crypto accounts operated by Parimatch agents.

The ED also alleged that Parimatch engaged domestic money transfer (DMT) agents in western India. Mule accounts managed by these agents were used to make payments via mule credit cards to Parimatch representatives. The agency found that Parimatch used unlicensed payment companies whose applications for payment aggregator licenses were rejected by the Reserve Bank of India. These companies offered their API to facilitate fund transfers for the betting platform.

The ED stated that funds received via the Unified Payments Interface (UPI) were layered and disguised as e-commerce proceeds, chargebacks, vendor payments, and other transactions to conceal their origin. The case was registered under the Prevention of Money Laundering Act (PMLA) following an FIR filed by the cyber police station of Mumbai Police against Parimatch's website.

References:
1. [https://www.business-standard.com/india-news/ed-freezes-parimatch-accounts-110-cr-pmla-illegal-online-betting-125081401139_1.html](https://www.business-standard.com/india-news/ed-freezes-parimatch-accounts-110-cr-pmla-illegal-online-betting-125081401139_1.html)
2. [https://economictimes.indiatimes.com/news/india/illegal-betting-app-ed-freezes-rs-110-cr-worth-bank-funds-seizes-1200-credit-cards/articleshow/123299533.cms](https://economictimes.indiatimes.com/news/india/illegal-betting-app-ed-freezes-rs-110-cr-worth-bank-funds-seizes-1200-credit-cards/articleshow/123299533.cms)