Enforcement Directorate’s Investigation into Money Laundering
The Enforcement Directorate (ED) has issued notices to tech giants Google and Meta in connection with its ongoing investigation into alleged money laundering linked to betting applications.
As part of the probe, the ED has summoned representatives from both companies to appear before its Delhi headquarters on July 21.
Role of Digital Platforms in Enabling Illegal Apps
According to sources, “Google and Meta platforms are promoting betting apps through advertisements and facilitating their reach to users.”
The agency is examining the role of digital platforms in enabling the promotion of these illegal apps, which are under scrutiny for potential violations of the Prevention of Money Laundering Act (PMLA).
Recent Developments in the Investigation
The move comes days after the ED searched four locations in Mumbai in a major dabba trading and online betting case, seizing unaccounted cash of Rs 3.3 crore, along with luxury watches, jewellery, foreign currency, and luxury vehicles. Cash-counting machines were also discovered during the search operations.
The Enforcement Directorate is examining financial and operational activities of ‘dabba trading apps’ involved in illegal trading and betting platforms.
Key Players in the Money Laundering Scheme
ED investigations revealed details of individuals involved in the money laundering scheme. Vishal Agnihotri, the beneficial owner of VMoney and 11Starss, played a significant role in the operation.
Dhaval Jain and his associate John States alias Pandey were responsible for developing a white-label betting platform and supplying it for betting operations.
Legal Action and Investigations
ED investigations revealed that a Prevention of Money Laundering Act (PMLA) investigation was initiated based on a First Information Report registered at Lasudiya Police Station in Madhya Pradesh. Sections of Bhartiya Nyaya Sanhita were invoked in the case.
Further investigations are ongoing to uncover the full extent of the money laundering operations and individuals involved.
