The Financial Intelligence Unit of India (FIU-IND) and the Goods and Services Tax Intelligence Directorate (DGGI) are investigating the activities of an unnamed online gambling syndicate in the state of Telangana. According to the investigation materials, a staggering $2.46 billion has flowed through 177 identified shell companies linked to this syndicate.
The DGGI's findings reveal the crucial role played by payment aggregators, gateways, and banks in the operation of this international iGaming network. These entities charged a 1% fee for transaction services, connecting counterparties without mandatory checks, audits, or risk monitoring.
Three fictitious intermediaries—PS Rao Digital Solutions, Billexpress Solutions, and Powerfin Technology—facilitated the integration of 36 shell organizations into the payment infrastructure. The DGGI has sent a list of eight suspicious intermediary companies to the bank and requested additional information.