The Enforcement Directorate (ED) has taken significant action against the Cyprus-based online betting platform Parimatch, seizing movable assets valued at Rs 1.56 crore and freezing funds of Rs 3.8 crore in various bank accounts. This operation, conducted on May 26, is part of a larger investigation under the Prevention of Money Laundering Act (PMLA), 2002, following an FIR filed by the Cyber Police Station in Mumbai. The ED's findings indicate that Parimatch allegedly defrauded users, promising high returns and generating an estimated Rs 3,000 crore in a single year. The investigation revealed a sophisticated money laundering scheme involving multiple mule accounts and financial intermediaries to mask the flow of user funds. Additionally, Parimatch employed surrogate advertising tactics, sponsoring local sports teams and distributing promotional materials through grocery deliveries to attract new users. So far, the ED has frozen assets worth Rs 112 crore in relation to this case, with further investigations ongoing.