India’s Enforcement Directorate Identifies Crypto Route in Betting Probe
Photo: TokenPost
India’s Enforcement Directorate (ED) searched 20 premises in five cities in an online betting and cyberfraud probe, alleging cryptocurrency conversion was one of three routes used to move proceeds abroad. The searches took place Oct. 13 in Mumbai, Pune, Mehsana, Surat and Hyderabad under the Prevention of Money Laundering Act, 2002. The investigation covers two cases involving All Panel Exchange and MGM91. The ED alleges complainants were induced to deposit money through the platforms and then cheated. The ED alleges money was routed through intermediary accounts before reaching a Pune company founded by Ram U. Ramdhani.
Source: TokenPost
