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Hindustan Times
4 minutes ago
- Hindustan Times
ED freezes ₹110 crore linked to illegal betting platform Parimatch
MUMBAI: The Mumbai unit of the Enforcement Directorate (ED) has frozen ₹110 crore lying in mule bank accounts in connection with a money-laundering probe into Cyprus-based illegal betting platform Parimatch. The action followed coordinated searches at 17 locations across the country on Tuesday, including Mumbai, Surat, Delhi, Noida, Kanpur, Madurai and Hyderabad. ED freezes ₹ 110 crore linked to illegal betting platform Parimatch The platform, owned by a Ukrainian national abroad, allegedly amassed nearly ₹3,000 crore from Indian users in 2023-24 alone, luring them with promises of high returns before defrauding them, ED officials said on Thursday. According to investigators, the frozen funds—proceeds of crime—were parked in multiple mule accounts used to layer and divert money to various recipients. Searches also led to the seizure of incriminating documents, digital devices and 1,200 credit cards linked to mule accounts. Complex laundering network The ED's probe, based on a complaint by the cyber police station in Mumbai, has uncovered a multi-layered laundering operation. In south India, user deposits were allegedly funnelled into mule accounts and withdrawn in cash in parts of Tamil Nadu, before being handed to hawala operators. These operators then recharged virtual wallets of a UK-based firm, which were used to buy USDT cryptocurrency in mule accounts run by Parimatch agents. In western India, Parimatch allegedly used Domestic Money Transfer agents to collect betting funds in mule accounts and channel them back through credit card transactions. Investigators have also flagged payment companies whose Payment Aggregator licence applications were rejected by the Reserve Bank of India. These firms allegedly provided backend services to Parimatch disguised as Technology Service Providers (TSPs), offering Application Programming Interface (API) access to integrate mule accounts—often opened in the names of e-commerce and payment service firms—into the platform. The funds were then 'masked' as e-commerce refunds, vendor payments and other routine expenses to obscure their origin and movement, officials said. Aggressive promotion in India To attract customers, Parimatch invested heavily in marketing, sponsoring sports tournaments and tying up with celebrities. Indian-registered entities—'Parimatch Sports' and 'Parimatch News'—were allegedly used for surrogate advertising, funded through foreign remittances. A city - based businessman, who is the complainant in the Mumbai police's case, alleged that he had lost around ₹12.22 crore at the accused illegal platform and its allied applications due to their 'non adherence to fairplay'. The businessman claimed he got attracted to the accused gaming platform's claims related to high returns, sometime in 2021, after noticing its advertisements and celebrity endorsements for it on a social media platform. 'All of us who have lost any money on the accused platform should be compensated,' the complainant told HT.
Time of India
an hour ago
- Time of India
Vizhinjam port to introduce new mooring system for safer and faster ship docking
T hiruvananthapuram: Vizhinjam port is set to introduce a dynamic mooring system known as shore tension system to prevent ships from being caught in surges and sway while docked. A port official stated that the machinery would arrive from the Netherlands in a few days and would be deployed within a month. "The company that brings and installs the machinery will train staff here to handle it," the official said. The system will automatically adjust the tension of the mooring lines used to tie ships to the berth, counteracting the pressure from waves and surges. It also reduces stress on the mooring lines connected to the ships. Mediterranean Shipping Company (MSC), whose ships predominantly use the port, had recommended the system. This will mark the first installation of such a facility in an Indian port. The shore tension system will also aid in speeding up the loading and unloading of containers and reduce the turnaround time of ships. "As unloading of containers is carried out in a semi-automated manner, the stability of the ships is important," the official added. The port will also be able to accommodate more ships as they can be berthed closer than usual and unloading operations need not be delayed during rough seas or strong winds. The introduction of the modern technology will also facilitate faster movement of containers when exim operations (international trade) commence by the end of the year. Sources said that initially the shore tension system would be trialled for the exim operations. Currently, ships are tied manually using heavy ropes to the mooring points in the berth. The machine-assisted system will maintain the ropes' integrity and prevent snapping under pressure, ensuring safety. As of last month, the port has handled over 392 ships, including 23 ultra-large container vessels and has handled 8.36 lakh containers. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Happy Independence Day wishes , messages , and quotes !
Indian Express
an hour ago
- Indian Express
India underlines ‘substantive agenda' to mend strained ties with US over tariffs, Russia oil
At a time when India's ties with the US are strained over tariffs and energy imports from Russia, Delhi on Thursday underlined focus on the 'substantive agenda' between the two countries — an American defence policy team in Delhi, joint military exercises in Alaska and 2+2 meeting of the defence and foreign ministry officials later this month. This is to assuage concerns that India is gravitating towards the non-western partners — External Affairs Minister S Jaishankar is headed to Moscow and Chinese Foreign minister Wang Yi is likely to come to India next week, and NSA Ajit Doval was in Moscow to meet Russian President Vladimir Putin, and Prime Minister Narendra Modi is likely to travel to Tianjin in China for the SCO leaders' summit on August 31-September 1. Responding to questions on the future of Indo-US relations on Thursday, Ministry of External Affairs' official spokesperson Randhir Jaiswal said: 'India and the United States share a comprehensive global strategic partnership anchored in shared interests, democratic values, and robust people-to-people ties.' 'This partnership has weathered several transitions and challenges,' he said, alluding to the challenges posed by US President Donald Trump's imposition of 50% tariffs on India — 25% because of high tariffs and 25% for buying Russian energy. 'We remain focused on the substantive agenda that our two countries have committed to and we hope that the relationship will continue to move forward based on mutual respect and shared interests,' he said. The MEA spokesperson said, 'The India–U.S. defence partnership, underpinned by foundational defence agreements, is an important pillar of the bilateral partnership. This robust cooperation has strengthened across all domains… We are expecting a U.S. Defence Policy Team to be in Delhi in mid-August. The 21st edition of the joint military exercise — Yudh Abhyas — is also expected to take place later this month in Alaska. Both sides remain engaged to convene the 2+2 Intersessional meeting at the working-level towards the end of the month.' It is not usual to give out such details of upcoming activities, especially in the defence and strategic sectors, in advance. This announcement is significant since it gives out the message that India is not closing its doors of engagement with Washington DC. This comes at a time when preparations are underway to schedule a visit by Prime Minister Narendra Modi to the US in the last week of September. The MEA spokesperson, when asked, said that no decision has been taken yet on the PM's visit. Sources said that the ostensible reason is to attend the United Nations General Assembly in New York, but a key objective will be to meet US President Donald Trump, iron out the issues on trade and arrive at a common ground on tariffs. This will also give an opportunity for the two leaders to announce a trade deal. However, for this to fructify, a lot of moving parts and a series of things have to fall in place. There has to be movement on two fronts — the Russia-Ukraine war and the Indo-US trade deal. Negotiations are underway on both fronts and Delhi is closely following the meeting between Trump and Russian President Vladimir Putin on August 15 to discuss a resolution to the war in Ukraine. Modi has already spoken to Putin and Ukrainian President Volodymyr Zelenskyy in the last few days. A resolution to the conflict is in India's interest, sources said, and it has been conveyed to both leaders. On the trade deal front, Indian and American negotiators had been close to sealing a deal, but the US President was not happy about the deal that was agreed between the interlocutors. So, the negotiators have to discuss the terms of the deal further, and they have to offer new terms, as red lines have been drawn. But the two sides are focused on the new goal for bilateral trade – 'Mission 500' – aiming to more than double total bilateral trade to $500 billion by 2030. Now, to schedule the visit, as a first step, the Indian side has reached out to the UN headquarters for a speaking slot for the Prime Minister at the UN General Assembly, and, as of now, that has been scheduled on September 26 morning. Trump is slated to speak on September 23. Now, if the PM's visit takes place, it will give an opportunity to speak at the UNGA and then hold a bilateral meeting with Trump and other world leaders.
