India Raids 12 Sites in Parimatch Money Laundering Probe

India's Enforcement Directorate (ED), operating under the Ministry of Finance, conducted raids at 12 locations across four states in connection with a money laundering investigation into Cyprus-based betting platform Parimatch, according to a report by ANI. Investigators allege the operator collected more than $318 million in funds over the course of a year.

The raids targeted payment providers that handled deposits and withdrawals for the operator, as well as auditors and corporate secretaries involved in the case. The ED reported that assets worth approximately $11.9 million have been frozen in connection with the investigation. According to authorities, payment companies allegedly cashed out proceeds from the operator's iGaming activity through cash collection agents, while auditors and corporate secretaries facilitated moving funds abroad disguised as legitimate transfers and foreign direct investments.

The case adds to a series of enforcement actions by Indian authorities targeting the financial infrastructure supporting offshore betting operators, focusing not only on the platforms themselves but on the network of payment processors and professional service providers that enable fund movement and laundering. The scale of frozen assets relative to the reported $318 million in collected funds suggests the investigation remains in an early stage, with further action against the broader network possible as the case develops.