Indian authorities have launched a major crackdown on the online betting platform Parimatch, freezing millions of rupees in mule bank accounts and seizing 1,200 credit cards.
According to investigators, the Cyprus-based operator ran surrogate advertising channels in an aggressive marketing campaign that included sports tournament sponsorships and celebrity partnerships. These activities allegedly helped the company attract investors and players across India.
Complex Fund Routing and Money Laundering Tactics
Authorities claim Parimatch routed investor funds through a network of mule accounts. Operatives then withdrew the money in Tamil Nadu and used it to recharge virtual wallets linked to a UK-based company. This complex fund movement made it difficult to trace the original source of the money.
During coordinated raids at 17 locations, including Mumbai, Delhi, Jaipur, and Hyderabad, enforcement teams seized cash, documents, and digital devices as evidence.
Role of Payment Companies in Facilitating Transactions
Officials allege that several payment companies disguised themselves as technology service providers, offering Parimatch their application programming interface (API) to collect user deposits. Once collected, the funds were layered and transferred under false labels such as e-commerce refunds, vendor payments, or chargebacks to conceal their purpose.
These methods, investigators say, represent a clear attempt to bypass India’s financial compliance regulations and anti-money laundering laws.
Parimatch’s Online Presence
Parimatch continues to operate multiple online platforms, including ParimatchSports and Parimatch News, which serve as advertising and promotional channels for its betting services. Authorities believe these sites played a key role in driving traffic and user engagement despite the ongoing probe.
The investigation underscores India’s increasing focus on regulating the online betting industry, with enforcement agencies tightening their monitoring of both domestic and foreign operators.
