Ahmedabad: ED carries out searches at fintech company under PMLA
Mar 28, 2023
New Delhi [India], March 28 : Directorate of Enforcement (ED) on Monday carried out searches at a fintech company in Ahmedabad under the Prevention of Money Laundering Act, 2002.
ED is investigating a money laundering case involving 150 bank accounts relating to an illegal betting case against Rakesh R Rajdev and others.
"These accounts were involved in the layering of funds received from individual persons who are placing bets through a website named www.wolf777.com. Subsequent to searches, an amount of Rs 3.05 crore lying in these bank accounts have been freezed under the provisions of the Prevention of Money Laundering Act (PMLA), 2002," the ED said in a statement.
ED initiated the investigation after recording ECIR based on an FIR registered by DCB Police Station, Ahmedabad, wherein it was alleged that the accused Rakesh Rajdev and others have opened one bank account in the name of Akash Ojha, using his PAN and AADHAR, without his knowledge and used that account for transacting Rs. 170.70 crore of betting money generated through the betting website www.wolf777.com, the agency said.
As per ED, during PMLA investigations, it has been found that the accused are operating through a private communication platform and providing the login Id and Password to the persons who want to place bets online.
"This website is providing a platform for placing bets on various types of speculation games such as 'Teen Patti', 'Rummy', 'Andar Bahar',' Poker' and also on various live games including cricket matches. They are asked to deposit money in their accounts for buying credits/coins through online mode and once money is deposited the person can place bets on the website using the login id and password," the agency stated.
During PMLA investigations, proceeds of crime, the money generated through these betting apps are being traced and it has been found that bank accounts in the name of various fictitious entities have been opened for routing and layering of money and after routing through multiple layers, the money is being sent abroad through bogus entities in the guise of import, the agency further added.
