The Directorate of Enforcement (ED) on Wednesday, 2 September conducted searches at 12 locations spanning Maharashtra, Rajasthan, Delhi-NCR, and Gujarat under the Prevention of Money Laundering Act (PMLA), as part of its widening investigation into Parimatch — a Cyprus-based illegal online betting platform accused of generating over ₹3,000 crore in a single year. The coordinated action targeted payment intermediaries, financial professionals, and gateway operators allegedly linked to the platform's money-laundering network.

Where the Searches Were Conducted

According to the ED, the 12 locations included five premises in Maharashtra, four in Delhi-NCR, two in Rajasthan, and one in Gujarat. The premises covered entities allegedly connected to Parimatch and associated operators, including payment companies, Chartered Accountants (CAs), and Company Secretaries.

Investigators said the payment companies were allegedly involved in converting betting proceeds into cash through Cash Management System (CMS) agents, while the CAs and Company Secretaries are suspected of facilitating the transfer of funds abroad via illegal remittances and sham Overseas Direct Investment (ODI) transactions. Payment gateways that allegedly managed pay-ins and payouts on behalf of Parimatch were also among the premises searched.

Assets Seized and Accounts Frozen

During Wednesday's searches, the agency seized movable assets worth approximately ₹1.56 crore, including cash of nearly ₹1.2 crore. The ED also froze approximately ₹3.8 crore held across various bank accounts. Several incriminating documents and digital devices were recovered from the searched premises.

Cumulatively, the ED has so far frozen assets worth ₹112 crore in the Parimatch case. Further investigation is underway, the agency said.

Background: Earlier Raids and How the Case Began

Wednesday's action follows a larger operation in May this year, when the ED's Mumbai Zonal Office searched 17 locations across Maharashtra, Rajasthan, Delhi, Gujarat, Daman, and Uttar Pradesh in connection with the same case. The latest round brings the cumulative search tally to 29 locations across multiple states.

The ED initiated its investigation on the basis of a First Information Report (FIR) registered by the Cyber Police Station, Mumbai, against Parimatch.com for allegedly duping users through illegal online betting operations. The platform reportedly lured users with promises of high returns.

How Parimatch Allegedly Operated

According to investigators, Parimatch and its associates allegedly ran a sophisticated layering operation using a network of mule accounts, payment intermediaries, and financial inclusion channels to collect, layer, and transfer user funds out of the country. The platform is suspected to have generated more than ₹3,000 crore in a single year, according to the investigation agency.

Notably, investigators found that Parimatch allegedly advertised through leading quick-commerce applications, embedding promotional material alongside grocery deliveries to attract and onboard new users. These advertisements were reportedly displayed strategically during app usage and at the point of order placement — a tactic that allowed the platform to reach a wide consumer base while evading conventional detection.

What Happens Next

The ED has indicated that the investigation is ongoing and further action is expected. With ₹112 crore in assets already frozen and digital evidence recovered across two rounds of searches, authorities are likely to pursue prosecution under the PMLA. The case also raises broader regulatory questions about the oversight of payment gateways and professional intermediaries — CAs and Company Secretaries — who allegedly enabled the outflow of illicit funds.