On May 26, 2025, the Enforcement Directorate (ED) of India's Ministry of Finance conducted searches at 17 locations related to the Cypriot iGaming operator Parimatch as part of an investigation under the Prevention of Money Laundering Act (PMLA).
The ED seized assets worth $164,000, including $126,000 in cash, documents, and digital devices. Additionally, they froze $399,000 in bank accounts. Currently, assets worth $11.77 million are frozen in connection with this case.
According to the investigation, Parimatch generated over $315 million in annual revenue in India while operating illegally. The operator attracted players by promising large winnings through a network of shell accounts and payment intermediaries.
Payments to players did not come from the operator's accounts but were made directly from the deposits of other users through multiple transfers, which concealed Parimatch's connection to the payouts in banking data. Some cash was then transferred out of India via an informal money transfer system known as hawala.
As part of its promotion, Parimatch used surrogate brands such as Parimatch Sports and Parimatch News and sponsored teams in local cricket leagues across more than 15 Indian states, as well as football and hockey tournaments.