The Enforcement Directorate (ED) in India has uncovered significant illegal operations linked to the online gambling operator Parimatch. According to reports from the Economic Times, the agency discovered that the brand allegedly funneled over $22.5 million in criminal proceeds abroad, disguised as direct foreign investments in Singaporean companies that do not engage in any real business activities.
Furthermore, the ED suspects that illegal iGaming syndicates have transferred more than $225 million out of the country under the guise of investments in technology firms, including those in the AI sector. An insider from the agency revealed that a network of one-day Indian and foreign companies with nominal directors is being utilized for these operations. Investments in AI companies are reportedly inflated despite the absence of any operational history, assets, or revenue.