In India Parimatch and other iGaming operators are suspected of moving more than $208 million abroad under the guise of...

In India Parimatch and other iGaming operators are suspected of moving more than $208 million abroad under the guise of investments in AI

🔹 The Enforcement Directorate (ED) of India is examining a scheme by which funds from illegal iGaming platforms may have been moved abroad under the pretext of investments. According to the investigation, such operations could have transferred more than 20 billion Indian rupees out of the country, or $207,6 million.

🔹 One of the episodes involves Parimatch. According to the ED, two Delhi-based companies transferred more than 2 billion rupees ($20,7 million) to entities in Singapore. The payments were allegedly recorded as investments in technology projects, including in the AI sector. The money was first credited to accounts of newly formed Indian companies, and then, through a chain of intermediaries, could have reached beneficiaries in the gambling business.

🔹 Investigators are also checking whether the value of foreign companies was inflated to justify large transfers. The ED is separately examining the role of corporate secretaries who may have taken part in such valuations. The Parimatch investigation in India has been ongoing for more than a year: according to the agency, in one year the platform received more than 30 billion rupees from Indian users ($312 million), and during August raids assets at 17 addresses had more than 1 billion rupees frozen ($10,4 million).

@sho_azartny