India, Aug. 15 -- The Mumbai unit of the Enforcement Directorate (ED) has frozen Rs.110 crore lying in mule bank accounts in connection with a money-laundering probe into Cyprus-based illegal betting platform Parimatch. The action followed coordinated searches at 17 locations across the country on Tuesday, including Mumbai, Surat, Delhi, Noida, Kanpur, Madurai and Hyderabad.

The platform, owned by a Ukrainian national abroad, allegedly amassed nearly Rs.3,000 crore from Indian users in 2023-24 alone, luring them with promises of high returns before defrauding them, ED officials said on Thursday.

According to investigators, the frozen funds-proceeds of crime-were parked in multiple mule accounts used to layer and divert money to various ...