Directorate for recovery on Wednesday said it has frozen fixed deposits and sharing worth more than £284 Crore belonging to a company based in Haryana, as part of an investigation into a money laundering associated with illegal online betting.
The event was filed within the criminal sections of the Money Laundry Act (PMLA) after the agency carried out two days since Tuesday in four premises in Gurogram and Jind in Haryana, belonging to the company Probo Media Technologies PVT. Ltd. And his promoters Sachin Subhaschandra Gupt and Ashish Garg, said PTI.
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The case concerns the alleged illegal online gambling, where the complainants told the police that they were “cheated” and “dishonestly” that was submitted to earn money through simple “yes or no” questions, while in fact the system promotes “gambling” by attracting multiple players to invest more to earn higher yields.
The investigation has found that the application/web is cheating on the user by first introducing a misleading image of a real skill -based platform, but eventually “uses” them through a betting system where victory depends on chance, not the user’s knowledge or abilities.
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According to the agency, the company described its platform as “trading with opinions” and claimed that the game required playing knowledge and skills.
“However, the analysis of the games shows that all games can be answered” yes or no “, and therefore there are only two possible results that make it indistinguishable from gambling/betting, resulting in a loss of hard -earned users’ money,” said the probe agency PTI.
The agency claimed that the application/website lacks any system that prevents minors from logging in, does not perform the right DUE diligence (KYC), and attracts new users with “misleading” ads and supports trading with opinions related to elections.
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Directorate for enforcement of law (ED) stated that the company received £134.84 Crore from foreign entities based in Mauritius, Cayman Islands and other places against the issue of “preferential shares”.
“Search has resulted in seizure of incriminating documents and digital data. Investments in FDS and shares in the amount £284.5 crore and three bank cabinets were frozen during search, ”he added.
“Cooperating” probe of money washing
On Thursday, the ProBO platform said it “cooperates” with the Directorate for Pravo (ED). “With regard to the recent development, we would like to assure all parties and the public that ProBO cooperates with law enforcement authorities in ongoing investigations.”
“As pioneers of the nascent but transformative technology in the Indian digital landscape, we are convinced that our commitment to compliance and innovation will help us stronger in this process,” said Probo spokesman in his PTI statement.
The spokesman added that they had “a complete belief in the Indian robust regulatory framework and his vision of responsible technological innovation”.
(Tagstotranslate) Money washing
