'Ecomm', 'Fx' dealers in illegal bets face ban
ecommerce and forex trading portals, following investigations by the Enforcement Directorate (ED), said people aware of the matter.
They include OctaFX, Fairplay, Magicwin, Mahadev Online Book and 30 others, operated by promoters located in Spain, Dubai, Russia and Pakistan.
Proceeds of Crime Pegged at ₹10,000 crore
This has been revealed by ED's probe in the western region, mainly Maharashtra, Gujarat and Chhattisgarh.
The proceeds of crime (PoC) have been pegged at ₹10,000 crore with the amount put at twice that if an all-India estimate is made, said the people cited.
PoC under money laundering is used to define tainted gains generated through illegal activities covered under the Prevention of Money Laundering Act (PMLA). ED is the federal agency that investigates offences under PMLA.
The laundering ecosystem has the promoters of illegal betting apps at the helm, backed by illegal payment aggregators aa well as former bank officials who help with advice on how to provide an aura of legitimacy to funds using payment gateways and banks, said the people cited above.
«The PoC suspected to be involved in these cases is approximately ₹10, 000 crore which involves money of around 2 crore users,» said an official. «The Directorate has conducted around 130 search action attachments worth ₹2,200 crore. This includes 2,000 bank accounts, 50 immovable properties, crypto currency, cash and demat account balances.»
Fake ecommerce sites
The ED probe found multiple companies were created in the name of fake ecommerce
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