On 27/3/2023, the Directorate of Enforcement (ED) conducted searches under the Prevention of Money Laundering Act, 2002 at a Fintech Firm involving 150 bank accounts in connection with investigations connected to an illegal betting case against Rakesh R Rajdev and others. These accounts were implicated in the stacking of monies collected from individual bettors using the website www.wolf777.com. After the searches, a sum of Rs.3.05 crore was frozen in these bank accounts under the terms of the Prevention of Money Laundering Act (PMLA), 2002.
The ED launched an investigation after recording an ECIR based on an FIR registered by the DCB Police Station in Ahmedabad, in which it was alleged that the accused Rakesh Rajdev and others opened a bank account in the name of Akash Ojha without his knowledge, using his PAN and AADHAR, and used that account to transact Rs. 170.70 crores of illegal betting money generated through the betting website www.wolf777.com.
During PMLA investigations, it was discovered that the accused are using a private communication platform and supplying the login Id and Password to those who wish to bet online. This website offers a forum for putting bets on many sorts of speculative games such as ‘Teen Patti,’ ‘Rummy,’ ‘Andar Bahar,’ and ‘Poker,’ as well as live sports such as cricket tournaments. Users are requested to put money into their accounts in order to purchase credits/coins online, and after money is deposited, the individual may place wagers on the website using the login id and password.
During PMLA investigations, proceeds of crime, or money generated through these illegal betting apps, have been traced, and it has been discovered that bank accounts in the names of various fictitious entities have been opened for routing and layering of money and that after routing through multiple layers, the money is being sent abroad through bogus entities in the guise of import. Further research is being conducted.
