India, Sept. 22 -- The Enforcement Directorate (ED) has found that Cyprus-based betting platform Parimatch - accused of siphoning roughly Rs.3,000 crore from Indian users by luring them with promises of high returns - operated an elaborate money-laundering network that relied on some 500 mule bank accounts to collect, route and conceal end beneficiaries, officials said.

The agency is now scrutinising transactions routed through those mule accounts as part of a wider probe that sprang from a complaint by the cyber police station in Mumbai. During searches on August 12, the ED froze about Rs.110 crore found across multiple bank accounts used as mule accounts or to divert funds. The funds have been treated as proceeds of crime, officials sa...