On March 27, 2023, the Directorate of Enforcement (ED) conducted searches at a Fintech company in accordance with the Prevention of Money Laundering Act, 2002, which led to the identification and freezing of the account balances of 150 bank accounts in connection with investigations being carried out pertaining to an illegal betting case against Rakesh R. Rajdev and others. These accounts were used to stack the money that was received from individual bettors via the www.wolf777.com website. Following searches, eleven bank accounts containing a total of Rs. 3.05 crore were frozen in accordance with the Prevention of Money Laundering Act (PMLA), 2002.
The ED requested from banks and examined the bank account statements of the other entities whose accounts were frozen throughout the course search under PMLA. The ED’s account examination revealed that money worth Rs. 46.10 crores are hidden in these accounts, which are connected to several fictitious businesses. As a result, the ED has so far seized a total of Rs. 49.15 Crore in this case.
After recording an ECIR based on an FIR filed with the DCB Police Station in Ahmedabad, the ED started an investigation. The proceeds of crime, or the money made through the betting app www.wolf777.com, are being tracked as part of PMLA investigations. It has been discovered that bank accounts have been opened in the names of various fictitious entities to route and layer the money before it is sent overseas through phoney entities under the guise of import. Further research is now being conducted.
