ED seizes assets worth Rs 8 crore in raids at 19 places in Mumbai
Jun 13, 2024
New Delhi [India], June 13 : The Enforcement Directorate (ED) has seized and frozen various movable assets to the tune of Rs 8 crore during raids conducted a day ago at 19 locations in Mumbai and Pune as part of the ongoing probe in the case of "Fairplay" (https://thefairplay.io) which was involved in illegal broadcasting of cricket and IPL matches and various online betting activities including results of Lok Sabha Elections 2024.
The assets include cash, bank funds, demat account holdings and luxury watches, said the ED, Various other incriminating documents and digital devices were also seized.
ED's Mumbai Zonal Office conducted these search operations on June 12 under the Prevention of Money Laundering Act (PMLA), 2002.
ED initiated the investigation on the basis of the First Information Report (FIR) registered by Nodal Cyber Police, Mumbai on the complaint of Viacom18 Media Pvt Limited under various sections of the Indian Penal Code (IPC), 1860, Information Technology Act, 2000 and Copyright Act, 1957 against Fairplay Sports LLC and others for causing loss of revenue of more than Rs 100 crore (Proceeds of Crime).
ED investigation revealed that Fairplay made agreements through foreign-based entities in Dubai and Curacao with Indian agencies representing celebrities. It was found that no due diligence was performed by Indian agencies regarding Fairplay before executing the agreements for its promotion.
"Further, the investigation conducted till date revealed that Fairplay collected funds through various bogus and shell bank accounts which in turn were layered through the complex web of bank accounts of shell entities and were then accumulated in Pharma companies involved in bogus billing," said the ED in a statement.
"Investigation further revealed that funds from these companies have been siphoned off to overseas shell entities based out of Hong Kong SAR, China and Dubai," it said.
As per the agency, more than 400 bank accounts of shell entities were found to be used for these purposes which are under examination along with trailing/utilization of funds collected from public by Fairplay.
