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Latest World News Update > Blog > Business > ED conducted search operation in Delhi and Gurugram against online betting – World News Network
Business

ED conducted search operation in Delhi and Gurugram against online betting – World News Network

worldnewsnetwork
Last updated: August 17, 2024 12:00 am
worldnewsnetwork 11 months ago
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New Delhi [India], 17 August (ANI): Directorate of Enforcement (ED), Ahmedabad Zonal Office has conducted search operations under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 at 4 locations in New Delhi and Gurgaon this week.

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According to ED searches were conducted at the residential premises of persons operating the entity Virtous Payment Solutions LLP, which was suspected to be involved in routing the illegal proceeds generated through Online Betting and Gambling activities.

ED initiated an investigation on the basis of an FIR registered by DCB Police, Ahmedabad under the IPC, 1860 on the allegations that one Rakesh Pratapbhai Rajdev and other unknown persons had hatched a criminal conspiracy and were forming companies and opening and operating bank accounts for the purpose of transfer of betting proceeds, on the basis of forged documents of unsuspecting people.

ED investigation revealed that the forged documents were used for opening a bank account in the name of Akash Oja, which was utilized for routing/diverting/layering betting proceeds.

During PMLA investigations, proceeds of crime i.e., the money generated through these betting apps were being traced and it has been found that bank accounts in the name of various fictitious entities have been opened for routing and layering of money, including Virtous Payment Solutions LLP.

During Search operations conducted on 14th August, various incriminating documents were found and vital information regarding the case was obtained from the beneficial owners of the firm.

Till date, in this case, an amount of around Rs. 49 Crore (approx.) has been seized by this office, which was lying in various bank accounts of the firms/individuals involved in layering and accumulation of betting proceeds.

PMLA is an act to prevent money laundering and to provide for confiscation of property derived from, or involved in, money laundering and for matters connected therewith or incidental thereto. (AN)

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News

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Latest World News Update > Blog > Business > ED conducted search operation in Delhi and Gurugram against online betting – World News Network
Business

ED conducted search operation in Delhi and Gurugram against online betting – World News Network

worldnewsnetwork
Last updated: August 17, 2024 12:00 am
worldnewsnetwork 11 months ago
Share
SHARE

New Delhi [India], August 17 (ANI): Directorate of Enforcement (ED), Ahmedabad Zonal Office has conducted search operations under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 at 4 locations in New Delhi and Gurgaon this week.

Contents
WORLD MEDIA NETWORKPRESS RELEASE DISTRIBUTIONPress releases distribution in 166 countriesPress releases in all languagesPress releases in Indian LanguagesIndia PackagesEurope PackagesAsia PackagesMiddle East & Africa PackagesSouth America PackagesUSA & Canada PackagesOceania PackagesCis Countries PackagesWorld Packages

According to ED searches were conducted at the residential premises of persons operating the entity Virtous Payment Solutions LLP, which was suspected to be involved in routing the illegal proceeds generated through Online Betting and Gambling activities.

ED initiated an investigation on the basis of an FIR registered by DCB Police, Ahmedabad under the IPC, 1860 on the allegations that one Rakesh Pratapbhai Rajdev and other unknown persons had hatched a criminal conspiracy and were forming companies and opening and operating bank accounts for the purpose of transfer of betting proceeds, on the basis of forged documents of unsuspecting people.

ED investigation revealed that the forged documents were used for opening a bank account in the name of Akash Oja, which was utilized for routing/diverting/layering betting proceeds.

During PMLA investigations, proceeds of crime i.e., the money generated through these betting apps were being traced and it has been found that bank accounts in the name of various fictitious entities have been opened for routing and layering of money, including Virtous Payment Solutions LLP.

During Search operations conducted on 14th August, various incriminating documents were found and vital information regarding the case was obtained from the beneficial owners of the firm.

Till date, in this case, an amount of around Rs. 49 Crore (approx.) has been seized by this office, which was lying in various bank accounts of the firms/individuals involved in layering and accumulation of betting proceeds.

PMLA is an act to prevent money laundering and to provide for confiscation of property derived from, or involved in, money laundering and for matters connected therewith or incidental thereto. (ANI)

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News

sponsored by

WORLD MEDIA NETWORK


PRESS RELEASE DISTRIBUTION

Press releases distribution in 166 countries

EUROPE UK, INDIA, MIDDLE EAST, AFRICA, FRANCE, NETHERLANDS, BELGIUM, ITALY, SPAIN, GERMANY, AUSTRIA, SWITZERLAND, SOUTHEAST ASIA, JAPAN, SOUTH KOREA, GREATER CHINA, VIETNAM, THAILAND, INDONESIA, MALAYSIA, SOUTH AMERICA, RUSSIA, CIS COUNTRIES, AUSTRALIA, NEW ZEALAND AND MORE

Press releases in all languages

ENGLISH, GERMAN, DUTCH, FRENCH, PORTUGUESE, ARABIC, JAPANESE, and KOREAN CHINESE, VIETNAMESE, INDONESIAN, THAI, MALAY, RUSSIAN. ITALIAN, SPANISH AND AFRICAN LANGUAGES

Press releases in Indian Languages

HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages

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Middle East & Africa Packages

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Previous Article Jeay Sindh Freedom Movement condemns oppression of Sindhi people by Pakistan government – World News Network
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