The government of India has introduced new restrictive measures against prediction markets by blocking local users’ access to Polymarket’s website.The decision to impose...
India’s ED raids 17 venues in Parimatch investigation
Mumbai’s Enforcement Directorate (ED) has conducted raids at 17 locations in six states as part of an investigation into Cyprus-based Parimatch’s illegal betting operations.
The raids took place on May 26, 2026, in Maharashtra, Rajasthan, Delhi, Gujarat, Daman, and Uttar Pradesh, and as a result, over $126,000 in cash and $400,000 in bank balances were seized and frozen. Additionally, authorities found multiple documents and digital devices with incriminating information.
The investigation was first launched after the Mumbai Cyber Crime Police registered a case against the Parimatch.com platform, accusing it of deceiving players through illegal betting operations and luring investors with false promises. According to the police, the platform generated more than $31 million annually by moving money through mule accounts, payment intermediaries, and financial inclusion channels.
The Enforcement Directorate commented:
“Parimatch and its associates adopted a complex network of mule accounts, payment intermediaries, and financial inclusion channels for collection, layering, and transfer of user funds.”
Investigators believe the operator used cash management services, local kirana stores, and Banking Correspondent (BC) networks to process the payouts. User deposits went through multiple accounts before players received their payouts, which allowed Parimatch to conceal the real source and trail of funds.
It was also reported that the operator used the names “Parimatch Sports” and “Parimatch News” to advertise its illegal services, and it sponsored more than 15 local cricket leagues to promote its platform. Commerce and grocery delivery apps were also used to place advertisements to attract new users.
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