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India Today
3 days ago
- Business
- India Today
ED raids 17 locations, seizes Rs 110 crore in Rs 3,000 crore money laundering case
The Enforcement Directorate (ED) conducted raids across 17 locations throughout the country in connection with a money laundering probe. The raids were conducted in Mumbai, Delhi, Noida, Jaipur, Surat, Madurai, Kanpur and Hyderabad as part of an ongoing probe in the case of Cyprus-based illegal online betting platform Parimatch. During the raid, bank accounts with funds totalling to nearly Rs 110 crore were seized by the officials and frozen. Further, various incriminating documents and digital devices have been found and seized during the raids. advertisementThe ED initiated the investigation on the basis of an FIR registered by the Cyber PS, Mumbai against for duping users through online betting platform Parimatch. As per the investigation, the investors were duped of Rs 3,000 crore in a year. During the raids, it was revealed that Parimatch routed users' funds through mule accounts using different strategies across the country. In one case, funds deposited by users into mule accounts were withdrawn in cash in a specific locality in Tamil Nadu. This cash was handed over to hawala operators, who used it to recharge virtual wallets of a UK-based company. These wallets were then used to buy USDT cryptocurrency in the name of mule crypto accounts, which were actually operated by Parimatch agents. In Western India, Parimatch engaged the services of domestic money transfer (DMT) collected in mule accounts and controlled by these DMT agents were sent to PariMatch agents through payments made by mule Credit Cards. A total of more than 1,200 such credit cards were found and seized from a single premise. The ED investigation also uncovered that payment companies whose applications for Payment Aggregator licences were rejected by the RBI, offered their services to Parimatch in the garb of technology service providers (TSPs) and offered their API (Application Programming Interface) to facilitate user fund collections. These TSPs offered the APIs to Parimatch agents who onboarded mule accounts opened in the name of e-commerce companies and payment solution provider companies for collection of funds from users. The money so collected through UPI transfers was layered and transferred out in the garb of e-commerce refunds, chargebacks, vendor payments, etc. effectively concealing the actual flow and purpose of funds. Parimatch gained visibility through aggressive marketing, including sponsorship of sports tournaments and partnerships with well-known celebrities. They also set up Indian entities to run surrogate advertisements under the names 'Parimatch Sports' and 'Parimatch News.' Payments to these agencies were made via foreign inward remittances. Further investigation is under progress.- EndsMust Watch
Time of India
3 days ago
- Business
- Time of India
ED freezes Rs 110 crore in mule accounts and seizes 1,200 credit cards in Parimatch money laundering probe
Mumbai: The Enforcement Directorate (ED) froze Rs 110 crore in mule accounts and seized 1,200 mule credit cards following raids at 17 locations in Mumbai, Delhi, Noida, Jaipur, Surat, Madurai, Kanpur, and Hyderabad earlier this week. The operations were part of a money laundering investigation connected to the Parimatch online gaming-betting app operated from Cyprus, and conducts its illegal operations in India through multiple verticals. The raid also included a firm whose payment aggregator licence application had recently been rejected by the RBI. The ED stated that Parimatch defrauded investors (its users) by promising high returns and thus generated over Rs 3,000 crore in a year. Investigations revealed that Parimatch routed users' funds through mule accounts using various strategies across southern and western India to layer the money collected from users. The ED said that the app deceived users with attractive prize winnings and aggressive marketing, including sponsorship of sports tournaments and partnerships with well-known celebrities. Parimatch also established Indian entities to run surrogate advertisements under the names "Parimatch Sports" and "Parimatch News. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Find your car's value online in minutes. Spinny Click Here Undo " Payments to these agencies were made through foreign inward remittances, said the ED. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Gold Rates Today in Mumbai | Silver Rates Today in Mumbai In one instance during the search, the ED discovered that funds deposited by users into mule accounts were withdrawn in cash in a specific locality in Tamil Nadu. Afterwards that cash was handed over to hawala operators, who used it to recharge virtual wallets of a UK-based company. The wallets were then used to purchase USDT cryptocurrency under the names of mule crypto accounts, operated by Parimatch agents, said the ED. In another instance, during the search found that in western India, Parimatch utilised domestic money transfer (DMT) agents. Funds collected in mule accounts controlled by these DMT agents were sent to Parimatch agents through payments made via mule credit cards. The ED seized 1,200 such mule credit cards from a small shop. The ED investigation also uncovered that payment companies, whose applications for Payment Aggregator licences had been rejected by the RBI, offered their services to Parimatch under the guise of technology service providers (TSPs) and provided their API to facilitate user fund collections. These TSPs supplied the APIs to Parimatch agents, who then opened mule accounts in the names of e-commerce companies and payment solution provider companies to collect funds from users. Money collected through UPI transfers was layered and transferred out as e-commerce refunds, chargebacks, vendor payments, and other transactions, effectively concealing the actual flow and purpose of the funds, said the ED. MSID:: 123306752 413 | 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 news updates on Times of India, including reviews of the movie Coolie and War 2 ."
India.com
3 days ago
- India.com
Rs 3,000 Crore Cyprus-Based Betting Fraud: ED Freezes Mule Accounts With Rs 110 Crore
MUMBAI: In a multi-city crackdown against a Cyprus-based illegal online betting platform, the ED has frozen Rs 110 crore parked in mule bank accounts as part of a Rs 3,000 crore fraud, an official said on Thursday. Cricket stars Sunil Narine and Nicholas Pooran, a Bollywood actress and an Indian rap star were among the brand ambassadors of the platform Parimatch. The ED initiated an investigation on the basis of an FIR registered by the Cyber Police Station, Mumbai, against on complaints that it defrauded investors by luring them with high returns, generating over Rs 3,000 crore in a year. The probe also uncovered that payment companies whose applications for Payment Aggregator licenses were rejected by the RBI, offered their services to Parimatch in the garb of technology service providers (TSPs) and offered their API (Application Programming Interface) to facilitate user fund collections, said an ED statement. During the multicity searches, the Directorate of Enforcement (ED), Mumbai Zonal Office, seized incriminating documents and digital devices on Tuesday under the Prevention of Money Laundering Act (PMLA), 2002 from 17 locations in Mumbai, Delhi, Noida, Jaipur, Surat, Madurai, Kanpur and Hyderabad. The probe against Parimatch revealed that the platform gained visibility through aggressive marketing, including sponsorship of sports tournaments and partnerships with well-known celebrities The ED said the platform also set up Indian entities to run surrogate advertisements under the names "Parimatch Sports" and "Parimatch News". Payments to these agencies were made via foreign inward remittances. Searches revealed that Parimatch routed users' funds through mule accounts using different strategies across the country. In one case, funds deposited by users into mule accounts were withdrawn in cash in a specific locality in Tamil Nadu. This cash was handed over to hawala operators, who used it to recharge virtual wallets of a UK-based company. These wallets were then used to buy USDT cryptocurrency in the name of mule crypto accounts, operated by Parimatch agents.
Yahoo
09-04-2025
- Business
- Yahoo
EnKash Secures Prestigious PPI License, Strengthening Its Leadership in Corporate Cards and Spend Management
MUMBAI, India, April 9, 2025 /PRNewswire/ -- EnKash, India's pioneering spend management and payments platform, has secured the coveted Prepaid Payment Instrument (PPI) license from the Reserve Bank of India (RBI). Since 2020, EnKash has been the only fintech to significantly scale the corporate card business, issuing over a million cards. While traditionally collaborating with banks for innovative solutions, this license enables EnKash to further enhance its offerings, streamline legacy card-issuing systems, and create more value for both banks and customers. By combining its Payment Aggregator (PA) license with the new PPI license, EnKash is uniquely positioned to deliver groundbreaking solutions. Prepaid instruments, including cards and wallets, drive over $50 billion (₹4.2 trillion) in annual Gross Merchandise Value (GMV) in India, digitizing cash management across diverse use cases such as National Common Mobility Cards (NCMC), Domestic Money Transfers (DMT), government wallets for direct benefit schemes, corporate payments, expense management, university and campus payment solutions, subscription wallets, and more. Speaking on this significant achievement, Naveen Bindal, Co-founder of EnKash, said "India's payments infrastructure is among the world's most advanced and continues to evolve rapidly - yet there's still much to be done. Card issuance and management still take days, if not weeks. Issuance of payment instruments should mirror the 10-minute delivery of quick commerce - why can't we deliver a prepaid card with full KYC in 10 minutes? We're making that a reality." He further added, "This milestone cements our commitment to creating an agile and compliant financial ecosystem. As businesses increasingly seek seamless digital financial tools, EnKash will continue to lead the charge in delivering smart, scalable, and compliant spend and payment solutions." A Trusted Partner in the Fintech Ecosystem Joining fintech leaders like Pine Labs, Razorpay, and PhonePe with both PA and PPI licenses, EnKash partners with banks (HDFC, ICICI, Axis, IDFC, Kotak, Yes Bank) and networks (Visa, Mastercard, NPCI, Amex). Trusted by 5,000+ businesses and 250,000+ network members, EnKash is backed by $23M from Mayfield, Ascent Capital, Baring Private Equity Partners India, Axilor, and WhiteVentures (backed by Amrish Rau and Jitendra Gupta), reinforcing its role as a fintech innovator. About EnKash EnKash is India's leading spend management and payments platform, simplifying payments, corporate cards, and expense management. Operational since 2018, it has pioneered fintech innovation with multiple RBI-regulated licenses, including PAPG, BBPOU, and the newly secured PPI license. Trusted by 5,000+ customers ranging from start-ups to large enterprises, EnKash has processed over a million corporate cards and serves 250,000+ network members. With $23M in funding led by marquee investors such as Mayfield, Axilor, Baring Private Equity Partners India, and Ascent Capital, its financial orchestration suite empowers CXOs with automation, real-time insights, and compliance tools—making business finance faster, smarter, and more efficient. For media inquiries, contact:Mansi BhatiaEmail: Logo: View original content to download multimedia: Sign in to access your portfolio
