India’s ED carries out fresh raids in Parimatch case, with $340M in suspected flows under review

India’s Enforcement Directorate (ED) searched 12 addresses on 2 September as part of its investigation into alleged Parimatch activity and related entities. For PSPs and payment operators, the important part is not the brand name on the file — it is the payment stack the ED says sat behind it.

1. The 2 September action covered 12 locations: five in Maharashtra, four in Delhi-NCR, two in Rajasthan, and one in Gujarat. The investigation is focused on payment companies, payment gateways, accountants, and company secretaries that, according to the ED, may have enabled cash-outs from betting proceeds and outward transfers from India through illegal remittances, fake Overseas Direct Investment (ODI), and other channels.
2. The case started after Mumbai cyber police registered information related to Parimatch’s iGaming product. The ED says funds were moved through a layered setup involving mule accounts, payment intermediaries, UPI, Business Correspondent networks, Cash Management Services, and hawala, a structure designed to break the direct link between player deposits and later payouts.
3. According to the ED, more than $340M passed through the alleged scheme in one year. As of 2 September, about $12.7M in assets had been frozen in the course of the investigation.
4. This was the second major operation in the case in recent months. On 26 May, the ED searched 17 premises across six regions in India, seizing cash and other assets, freezing bank account funds, and collecting electronic evidence.
5. The ED is also examining the marketing layer. It says Parimatch was promoted in India through surrogate brands Parimatch Sports and Parimatch News, including sponsorships of local cricket teams in more than 15 states, with advertising also appearing in quick-commerce apps and being distributed with grocery deliveries.