Latest news with #ChintanShah
Business Upturn
3 days ago
- Business
- Business Upturn
Deutsche Bank and Ant International Announce Strategic Partnership to Provide Integrated Cross-Border Payment Solutions to Global Merchants
Singapore: Deutsche Bank and Ant International have announced their strategic partnership to provide more comprehensive payment solutions for businesses of all sizes in Europe and Asia, by combining their expertise and leveraging Ant International's proprietary tokenisation and AI-based FX technology. This press release features multimedia. View the full release here: From Left to Right: Sabih Behzad, Head of Digital Assets & Currencies Transformation for Deutsche Bank, Chintan Shah, Head of Corporate Coverage for APAC & MEA at Deutsche Bank, Kriti Jain, Head of New Economy Coverage APAC and Head of New Economy Cash Solutions Sales APAC & MEA at Deutsche Bank, Leiming Chen, Chief Sustainability Officer at Ant International, Yi Zhou, Chief Financial Officer at Ant International, Kelvin Li, General Manager of Platform Tech at Ant International and Yanyi Liang, Head of Whale Treasury Platform at Ant International The bank will collaborate with Ant International's Embedded Finance unit on a series of global treasury management and cross-border payment innovations, including tokenised deposits, stablecoin, and its Time-Series Transformer (TST) FX Model. Deutsche Bank will be the first German bank to facilitate Ant International's blockchain-based real-time treasury management platform to enable real-time fund transfers between Ant International's intragroup entities. This will enable more efficient and transparent global treasury management for Ant. In addition, the two sides will also explore cross-border payment innovations, including tokenised bank deposits, stablecoin and Ant International's Falcon TST FX Model, to help Ant International and its clients reduce FX-related cost and risks. Both companies will also further look into the applications of stablecoins for global payments, including real-time cross-border treasury management for Ant's entities, reserve management and on-ramp and off-ramp services. Deutsche Bank will also work with Antom, a merchant payment and digitisation services provider, to scale up their collaboration to extend Antom's acquiring solutions for merchants in EMEA, enabling them to be seamlessly integrated with more payment solutions. The bank will also support WorldFirst's suite of payments-related solutions for SMEs in e-commerce and cross-border trade, including but not limited to account collections, payments and FX services. It will also enable the account and financial service provider to access its global network to serve its clients. Ole Matthiessen, Head of Corporate Bank APAC & MEA and Global Head of Cash Management for Deutsche Bank, said: 'We are delighted to strategically cooperate with Ant International. We will leverage our broad product capabilities and strong global network to deliver seamless and secure payment solutions to Ant International and its customers in Europe and Asia. Given the dynamic landscape of financial services, we see great potential to collaborate with Ant International, as one of the world's leading financial technology providers, to develop innovative payment solutions and transform the future of treasury management.' Kelvin Li, General Manager of Platform Tech at Ant International, said: 'With a dynamic fintech landscape, Europe is fast-becoming a key hub for global digital payment innovation. We are pleased to deepen our commitment to the region through this collaboration with Deutsche Bank, supporting the development of more seamless, secure and inclusive cross border payment solutions. By combining our digital and payment capabilities with a global leading financial institution, we aim to deliver enhanced payment experiences that meet the evolving needs of global businesses and consumers.' Expanding on a client relationship that has been in place since 2019, the two sides signed a Memorandum of Understanding (MoU) on June 8 in Munich, Germany to deepen the strategic collaboration. About Deutsche Bank Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network. About Ant International With headquarters in Singapore and main operations across Asia, Europe, the Middle East and Latin America, Ant International is a leading global digital payment, digitisation and financial technology provider. Through collaboration across the private and public sectors, our unified techfin platform supports financial institutions and merchants of all sizes to achieve inclusive growth through a comprehensive range of cutting-edge digital payment and financial services solutions. To learn more, please visit About Antom Ant International's Antom is the leading payment and digitisation services provider for merchants around the world. It offers unified merchant payment solutions to serve businesses of all sizes. Antom supports merchants to integrate over 300 payment methods, enabling them to connect with consumers in more than 200 markets, with the flexibility to accept payments in more than 100 currencies. Beyond payments, it provides digital marketing solutions and merchant digitisation services to help merchant streamline operations and enhance customer engagement. To learn more, please visit About WorldFirst WorldFirst offers cross-border payments and treasury services through its global business account, empowering growth for SMEs in e-commerce, trade, and the broad platform economy. WorldFirst simplifies key financial operations, including international payments, collections, currency conversions, and treasury management, all in a one-stop account. Leveraging the technological strengths of its parent company Ant International, WorldFirst delivers industry-leading transaction security and reliability. WorldFirst has supported over one million customers, enabling payments in 100+ currencies across more than 200 countries and regions. Learn more about WorldFirst at View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same.
Hindustan Times
27-04-2025
- Business
- Hindustan Times
Fairplay app operators laundered ₹4,000 crore abroad, reveals ED charge sheet
MUMBAI: The Enforcement Directorate (ED) has revealed that the operators of the Fairplay betting app siphoned off over ₹4,000 crore outside India through fake companies, dummy bank accounts, and illegal payment gateways. According to the ED's chargesheet filed recently before a special Prevention of Money Laundering Act (PMLA) court, the masterminds — Krish Laxmichand Shah, Chirag Shah, and Chintan Shah — routed the proceeds through 400 dummy bank accounts and bogus import transactions. The laundered funds were later invested in properties and businesses across the country. Fairplay, a sports betting and online casino platform, is not legally registered in India. Besides betting, the app also illegally streamed events like IPL matches and even enabled betting on the 2024 Lok Sabha elections, the ED probe revealed. Investigators also found links between Fairplay and the Mahadev Online Book (MOB) platform, another illegal betting network under ED scrutiny. The case originated from an FIR filed by Maharashtra Cyber Police in April 2023, following a complaint by Viacom18, which owns the IPL's digital rights. Viacom alleged that Fairplay illegally streamed matches, causing a loss of approximately ₹100 crore. In February 2025, the ED arrested Chirag and Chintan Shah, brothers who oversaw Fairplay's software operations. Meanwhile, three owners of Maa Sharda Sales — a firm accused of laundering ₹13 crore of betting proceeds — were denied anticipatory bail. To build credibility and retain users, Fairplay operators reportedly returned nearly 70% of the collected funds back to players, ED officials said. Investigations uncovered a complex laundering trail. Funds were first collected through dummy accounts in individuals' names, then routed through shell companies such as NS Online Services, Dynamic Services, and Signox Overseas. Some proceeds were pushed into pharmaceutical firms engaged in fake billing, before finally being transferred to offshore entities in Hong Kong, China, and Dubai. Payment gateways like Beffy Finserv Pvt Ltd and Truefund Innovations India Pvt Ltd helped disguise transactions and facilitated payouts worth ₹3,000 crore, by misusing arrangements with Axis Bank. Krish Shah, believed to be operating Fairplay from Dubai, established entities like Fair Play Sport LLC and Fairplay Management DMCC to manage operations in India. He even shifted the app's domain registration to Dubai-based Anil Dadlani to conceal ownership. In a bid to expand their reach, Fairplay roped in several celebrities for promotional campaigns, offering free IPL match streaming to attract users. These celebrities were later summoned by Maharashtra Cyber Police for endorsing the illegal platform. While Krish Shah and his associate Siddhant Iyer remain absconding, Chirag and Chintan Shah were arrested by the ED in February this year.
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First Post
26-04-2025
- Entertainment
- First Post
IPL illegal streaming scam: How celebrities like Ranbir Kapoor, Sanjay Dutt helped boost this fraud
The ED has filed a chargesheet against 11 people for illegally streaming IPL matches on Fairplay website. Celebrities and sports stars promoted the platform, misleading the public and causing massive financial losses to broadcasters. read more The Enforcement Directorate (ED) has filed a chargesheet against 11 people, including Chirag Shah and Chintan Shah, for illegally streaming Indian Premier League (IPL) matches on the Fairplay website in 2023. The case started after Mumbai Police's cyber cell received a complaint from Viacom18 Media Pvt Ltd, the company that owns exclusive IPL digital broadcasting rights. According to the ED, Fairplay's illegal streaming caused huge financial losses to Viacom18. The total amount of money involved is estimated to be more than Rs 100 crore. STORY CONTINUES BELOW THIS AD Celebrities and sports stars promoted Fairplay The chargesheet said that Fairplay made several big Indian celebrities and sports stars promote the platform. Names like Ranbir Kapoor, Sanjay Dutt, Jacqueline Fernandez, Varun Dhawan, Shraddha Kapoor, Kiara Advani, and sports legends like Saina Nehwal, Mary Kom, Mithali Raj, AB de Villiers, and Graeme Smith were linked to Fairplay promotions. Famous rapper Badshah also endorsed the app. The ED said these endorsements were done through deals with Indian and overseas companies. By using so many celebrities, Fairplay made people believe that it was a trusted and official platform, which helped them attract a lot of users. 'Fairplay adopted a marketing strategy wherein top-line celebrities were appointed as brand ambassadors, it created a perception of legitimacy and mainstream acceptance, which attracted a large number of users,' the chargesheet said. Operation controlled from Dubai The ED investigation revealed that the entire Fairplay operation was managed from Dubai by Krish Laxmichand Shah with help from Siddhant Iyer, also known as Joe Paul, who handled the money. Both of them are now absconding and believed to be living in Dubai. Several offshore companies were used to hide who really owned Fairplay. These companies were registered in places like Curacao, Dubai, and Malta. Misleading ads and betting across sports Fairplay ran massive digital marketing campaigns on YouTube, Facebook, Instagram, and other platforms. They used social media influencers and affiliate marketers to reach young people. The platform falsely advertised itself as a place where users could 'Watch IPL for free,' even though they had no official rights to do so. Besides IPL streaming, Fairplay was also involved in illegal betting on other sports like tennis, football, badminton, and even on the 2024 Lok Sabha elections, the ED said. According to the ED, more than Rs 4,000 crore made from these illegal activities was sent abroad under the fake excuse of imports. The money was moved through multiple bank accounts and some of it was brought back into India. The accused reportedly used the money to buy properties and other assets. STORY CONTINUES BELOW THIS AD
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Business Standard
26-04-2025
- Entertainment
- Business Standard
IPL 2025: ED files chargesheet against 11 people for illegal streaming
The Enforcement Directorate (ED) has filed a chargesheet against 11 accused, including Chirag Shah and Chintan Shah, in connection with the Fairplay website illegally streaming Indian Premier League (IPL) matches in 2023. The case stems from an FIR lodged by Mumbai Police's cyber cell following a complaint by Viacom18 Media Pvt Ltd, which holds the exclusive broadcast rights for the IPL. The ED said that the illegal streaming by Fairplay caused huge financial losses to Viacom18. Nine other FIRs from across India have also been merged with this investigation, with the total proceeds of crime estimated to exceed Rs 100 crore. According to the chargesheet, Fairplay appointed several top Indian celebrities, including Ranbir Kapoor, Sanjay Dutt, Jacqueline Fernandez, Varun Dhawan, Shraddha Kapoor, Kiara Advani, and sports personalities such as Saina Nehwal, Mary Kom, Mithali Raj, AB de Villiers, and Graeme Smith, to promote the platform. Popular singer Badshah also endorsed the app. These endorsements, facilitated through agreements with overseas and Indian firms, helped create an illusion of credibility and attracted a large user base. How the operation was run The ED revealed that the Fairplay operation was controlled from Dubai by Krish Laxmichand Shah, with the help of Siddhant Iyer (also known as Joe Paul), who handled the financial aspects. Both Shah and Iyer are currently absconding and are believed to be residing in Dubai. Multiple offshore companies, including Play Ventures NV, Dutch Antilles Management NV (both registered in Curacao), Fair Play Sport LLC, Fairplay Management DMCC (both registered in Dubai), and Play Ventures Holding Limited (registered in Malta), were used to obscure Fairplay's true ownership. Strategy to lure users Fairplay launched aggressive digital marketing campaigns across platforms like YouTube, Facebook, Instagram, and others. It also employed social media influencers and affiliate marketers to target younger audiences. The platform promoted itself as a destination to 'Watch IPL for free,' misleading the public into believing it had official broadcasting rights. In addition to IPL matches, Fairplay was found to be involved in online betting across various sports like tennis, soccer, badminton, and even the 2024 Lok Sabha elections. Financial trail and laundering allegations The ED stated that proceeds of crime exceeding Rs 4,000 crore were transferred abroad under the guise of bogus imports. These funds were routed through multiple bank accounts and partially brought back into India. The money was allegedly used to acquire immovable and movable assets by the accused and associated entities. Legal action ahead Special PMLA judge AC Daga has taken cognisance of the chargesheet. The ED's investigation highlights the challenges faced by Indian authorities in acting against platforms operated from outside India, especially when multiple offshore entities are created to shield the real operators. (With PTI Inputs)
