The ED has traced over Rs 900 crore in alleged Parimatch betting proceeds routed abroad through sham ODI transactions and bogus service imports. Searches at 17 locations across five states led to the seizure of Rs 61 lakh cash and 1kg gold, while Rs 37 crore in bank funds was frozen. The agency has so far seized or frozen Rs 150 crore.

ED searches across five states have uncovered alleged financial channels used to layer and transfer Parimatch betting proceeds overseas | AI Generated Image

Mumbai, September 3, 2026: The Enforcement Directorate (ED) has traced funds of more than Rs 900 crore allegedly generated through Cyprus-based illegal online betting platform Parimatch, which were routed abroad through a network of sham overseas direct investment (ODI) transactions and bogus imports of services, the central agency said Thursday. Of this, assets worth approximately Rs 150 crore have been frozen and seized by the agency earlier.

The findings followed the agency’s ongoing money-laundering investigation into the betting platform, in which the ED conducted searches at 17 locations across Maharashtra, Rajasthan, Delhi, Gujarat and Uttar Pradesh on Wednesday. During the searches, the agency seized movable assets worth around Rs 2.11 crore, including Rs 61 lakh in cash, 1 kg gold bar and frozen funds worth around Rs 37 crore held in various bank accounts.

ED Uncovers Alleged Money-Laundering Mechanism

The central agency also seized incriminating documents and digital devices during the searches. With the latest action, the agency has so far frozen or seized assets worth approximately Rs 150 crore in the case.

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The investigation has uncovered a mechanism allegedly involving sham ODI transactions and bogus imports of services through which betting proceeds were layered and remitted abroad. According to officials, around Rs 2,500 crore was allegedly routed through these mechanisms to give the proceeds the appearance of legitimate business transactions before their transfer overseas.

Payment Firms Under Scanner

Among the prominent premises searched by the ED in Mumbai and Rajasthan were those of Airpay Payment Services and MakeMyWallet Software India Private Limited – both involved in the digital payments and financial technology space. The cash amounting to Rs 61 lakh was seized during the search operation from the premises of Mumbai-based Airpay Payment Services.

Airpay's transaction history is being examined by investigators for transactions that allegedly formed part of the payment-gateway layer of the Parimatch network. The agency is scrutinising whether merchant accounts linked to the payment ecosystem received funds generated through the Parimatch betting operation and whether those funds were subsequently transferred to other entities as part of the alleged layering process.

The probe is also examining merchant-onboarding records, transaction patterns, beneficiary accounts and the subsequent movement of funds to determine whether betting proceeds were routed through Indian entities and subsequently represented as ODI investments or payments for services to facilitate their remittance abroad.

The ED also searched the premises of Jaipur-based MakeMyWallet Software India Private Limited as part of the investigation. Investigators are examining whether the company's payment and transaction infrastructure was used to route or layer funds allegedly generated through the betting operation before their eventual remittance overseas.

Bogus ODI Transactions Examined

According to the investigation, around Rs 500 crore was allegedly routed through such transactions. The remittances were allegedly supported by fabricated valuation reports for ODI transactions and fictitious Form 15CA/15CB documentation, despite the underlying transactions having no genuine commercial substance.

The agency is examining the transaction trail to establish how funds entering the payment-gateway layer were subsequently moved into the ODI and service-import structure, the entities through which the money passed, the overseas beneficiaries and the ultimate destination of the funds.

Travel Operators Used For Layering

Investigation has also revealed the use of "tour and travel operators" for layering betting proceeds. According to the ED, transactions of at least Rs 200 crore were routed through two such tour and travel operators. According to the officials, funds generated through the Parimatch network were first routed through payment intermediaries and then credited to the bank accounts of the Indian travel operators. The transactions, however, were allegedly not backed by any corresponding travel or other services.

The banking credits were subsequently used to settle amounts purportedly payable to the Indian travel operators by their overseas clients. At the same time, corresponding amounts were allegedly collected in physical cash from those overseas clients by handlers associated with the Parimatch network outside India.

Cash And Crypto Channels Traced

The agency has also found the alleged use of cash management system (CMS) and domestic money transfer (DMT) agents in the movement of the funds. According to investigators, money received in merchant and mule accounts was subsequently routed through CMS and DMT-linked accounts, allowing the betting network to move funds through the formal banking system while allegedly generating equivalent cash for its handlers.

Investigators revealed that the physical cash was then handed over to hawala operators and crypto intermediaries, through whom it was allegedly converted into USDT. The cryptocurrency was subsequently transferred to wallets allegedly controlled by persons linked to the offshore Parimatch network.

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The investigation has uncovered what the ED suspects is a complex network involving mule and merchant accounts, CMS and DMT agents, tour and travel operators, domestic entities, offshore investment structures, hawala operators and cryptocurrency channels, allegedly used to layer, disguise and transfer proceeds generated through the illegal online betting operations.

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