ED freezes over Rs 3 crore worth of bank funds relating to illegal betting website Wolf777

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In accordance with the Prevention of Money Laundering Act, 2002, the Enforcement Directorate (ED) has frozen Rs 3.05 crore worth of bank funds of a fintech company on March 27 as part of an investigation into an alleged illegal betting case involving Rakesh R. Rajdev and his accomplices.

During the investigation, ED froze the aforementioned amount lying in 150 bank accounts. These accounts were used to layer money received as wagers placed by individuals through illegal betting website Wolf777.

In an official release, the ED stated that they started investigations after receiving an ECIR based on an FIR filed by DCB police station in Ahmedabad.

According to ED, Rakesh Rajdev and others opened a bank account in Akash Ojha’s name without his knowledge using his PAN and Aadhar details and used that account to transfer Rs 170.70 crore worth of gambling revenue generated through from Wolf777.

It has been discovered during the PMLA investigations that the accused are using a private messaging service and giving login information to individuals who wish to make bets online. Users are required to deposit funds into their accounts in order to purchase credits or coins online.

After successful deposits, the users can log in to the platform and place their bets. The ED revealed that the website was taking bets on several games such as teen patti, rummy, andar bahar, and poker, along with on live cricket matches.

“The money generated through these betting apps are 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 and after routing through multiple layers, the money is being sent abroad through bogus entities in guise of import,” ED said in their statement.

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