The Enforcement Directorate (ED) has conducted search operations at 19 locations in Mumbai and Pune as part of an ongoing investigation into the illegal broadcasting of cricket matches and online betting activities by "Fairplay" (thefairplay.io).
During the searches, movable assets worth approximately ₹8 crore were seized, including cash, bank funds, demat account holdings, and luxury watches. Various incriminating documents and digital devices were also confiscated.
The investigation revealed that Fairplay made agreements with Indian agencies representing celebrities through foreign-based entities in Dubai and Curacao. However, no due diligence was performed by the Indian agencies before executing the promotion agreements.
Further investigation uncovered that Fairplay collected funds through bogus and shell bank accounts, which were then layered through a complex web of bank accounts of shell entities. These funds were eventually accumulated in pharma companies involved in bogus billing.
The ED also found that funds from these companies were siphoned off to overseas shell entities in Hong Kong SAR, China, and Dubai. Over 400 bank accounts of shell entities were used for these purposes, and the trailing and utilization of funds collected from the public by Fairplay are under examination.
The ED initiated the investigation based on an FIR registered by Nodal Cyber Police, Mumbai, on the complaint of M/s. Viacom18 Media Pvt Limited. Fairplay is accused of causing a loss of revenue of more than ₹100 crore (Proceeds of Crime).
The investigation is ongoing, and further details are expected to emerge in the coming days.
Tags: #Cricket, #OnlineBetting, #MoneyLaundering, #EDInvestigation, #Fairplay
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