SUMMARY
The ED said that it has frozen an amount of INR 2 Cr and flagged crypto wallets with balances worth INR 12 Cr in connection with the probe
The search operations, spanning Delhi NCR, Bengaluru, Lucknow and Coimbatore, led to seizure of incriminating records and digital devices
The searches stemmed from an FIR filed against the “magicwin” platform for unauthorised streaming of ICC Men’s T20 World Cup 2024 and illegally operating an online betting platform
The Enforcement Directorate (ED) conducted searches at 20 premises across multiple cities in connection with a money laundering probe into online betting platform “magicwin”.
The search operations, spanning Delhi NCR, Bengaluru, Lucknow and Coimbatore, led to seizure of incriminating records and digital devices. The joint operation by ED’s Ahmedabad Zonal Office and Gujarat Police also led to the seizure of INR 30 Lakh cash.
“ED, Ahmedabad Zonal Office has conducted search operations in collaboration with the cyber crime Police Station Ahmedabad at 20 premises situated in Delhi NCR, Bengaluru, Lucknow and Coimbatore in the case of magicwin and others under the provisions of Prevention of Money Laundering Act (PMLA), 2002,” the ED said in a statement.
The Directorate said that it has frozen an amount of INR 2 Cr and flagged crypto wallets with balances worth INR 12 Cr in connection with the probe. The concerned crypto exchanges have been instructed not to liquidate the crypto currencies from such wallets, it added.
Noting that further probe into the case is underway, the Directorate also said that the multi-agency probe involved “multiple domains”.
The raids stemmed from First Information Report (FIR) filed with the cyber crime police station, Ahmedabad, against the “magicwin” platform for unauthorised streaming of ICC Men’s T20 World Cup 2024, particularly India versus Pakistan and Ireland vs Canada matches.
Upon investigation, the ED found that magicwin hosted illegal activities such as betting on live cricket matches and other games.
“The broadcast of live cricket matches of ICC Men’s T20 World Cup 2024 was without any subscription fee and was done in order to tempt the gullible people to bet on their website,” the statement added.
The development comes at a time when the ED has cracked the whip on illegal online betting platforms. Earlier this month, it conducted similar search operations in Delhi NCR at the residential premises of the entity operating a betting platform called Virtus Payment Solutions LLP and seized INR 49 Cr.
Earlier in the day, it was reported that more than two dozen offshore gaming apps are under ED’s scanner for allegedly remitting and round-tripping funds. These offshore gambling apps are said to have caused losses to the tune of INR 1 Lakh Cr to the exchequer.
This is also in line with the central government’s bid to curb the online betting menace. In March 2024, in the run up to the ICC T20 Cricket World Cup, the Central Consumer Protection Authority (CCPA) issued an advisory emphasising the prohibition of advertising, promotion, and endorsement of online betting.
“Betting and gambling are strictly prohibited under the Public Gambling Act, 1867, and are considered illegal in the majority of regions across the country. Despite this, online betting platforms and apps persist in advertising betting and gambling directly, as well as under the guise of gaming,” the advisory said then.
Despite the Centre’s efforts to clamp down on online betting, India’s online gambling market is projected to touch the $5.49 Bn mark by 2032, as per a report by IMARC Group.
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