New Delhi: Directorate of Enforcement (ED), Ahmedabad Zonal Office has conducted search operations under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 at 4 locations in New Delhi and Gurgaon this week.
Virtous Payment Solution LLP
According to ED searches were conducted at the residential premises of persons operating the entity Virtous Payment Solutions LLP, which was suspected to be involved in routing the illegal proceeds generated through Online Betting and Gambling activities.
ED initiated an investigation on the basis of an FIR registered by DCB Police, Ahmedabad under the IPC, 1860 on the allegations that one Rakesh Pratapbhai Rajdev and other unknown persons had hatched a criminal conspiracy and were forming companies and opening and operating bank accounts for the purpose of transfer of betting proceeds, on the basis of forged documents of unsuspecting people.
ED investigated
ED investigation revealed that the forged documents were used for opening a bank account in the name of Akash Oja, which was utilized for routing/diverting/layering betting proceeds.
During PMLA investigations, proceeds of crime i.e., the money generated through these betting apps were 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, including Virtous Payment Solutions LLP.
During Search operations conducted on 14th August, various incriminating documents were found and vital information regarding the case was obtained from the beneficial owners of the firm.
Till date, in this case, an amount of around Rs. 49 Crore (approx.) has been seized by this office, which was lying in various bank accounts of the firms/individuals involved in layering and accumulation of betting proceeds.
PMLA prevents money laundering
PMLA is an act to prevent money laundering and to provide for confiscation of property derived from, or involved in, money laundering and for matters connected therewith or incidental thereto. (with Agency inputs)
