India, April 27 -- The Enforcement Directorate (ED) has revealed that the operators of the Fairplay betting app siphoned off over Rs.4,000 crore outside India through fake companies, dummy bank accounts, and illegal payment gateways.

According to the ED's chargesheet filed recently before a special Prevention of Money Laundering Act (PMLA) court, the masterminds - Krish Laxmichand Shah, Chirag Shah, and Chintan Shah - routed the proceeds through 400 dummy bank accounts and bogus import transactions. The laundered funds were later invested in properties and businesses across the country.

Fairplay, a sports betting and online casino platform, is not legally registered in India. Besides betting, the app also illegally streamed events like ...