ED Estimates Rs 2,000 Crore Turnover in Karnataka MLA’s Betting Case
In the ongoing investigations by sleuths of Directorate of Enforcement (ED), Bengaluru zonal office into the illegal online betting case involving Congress MLA K.C. Veerendra, the sleuths estimate more than Rs 2,000 crore turnover in illegal online betting applications controlled by the Congress MLA
BENGALURU: In the ongoing investigations by sleuths of Directorate of Enforcement (ED), Bengaluru zonal office into the illegal online betting case involving Congress MLA K.C. Veerendra, the sleuths estimate more than Rs 2,000 crore turnover in illegal online betting applications controlled by the Congress MLA.
K.C. Veerendra was arrested by ED in connection with online betting in Gangtok of Sikkim before he was ferried to Bengaluru. K.C. Veerendra is the prime accused in the illegal online betting case and is in judicial custody.
On Thursday, ED sleuths carried out search operations under the provisions of Prevention of Money Laundering Act, 2002 in relation to cheating the public in illegal online betting run by Veerendra and others.
The searches came across 24 carat gold bullion weighing about 40 kgs worth Rs 50.33 crore and the gold bullions were seized from two lockers in Challakere of Chitradurga district. The investigation by ED sleuths established arrested Congress MLA’s association with other friends and family members in operations of many illegal online betting websites such as King567, Raja567 among others and cheated innocent players through the same.
Investigation by ED revealed the funds collected from players has been routed using several gateways such as FonePaise and others.
It has also come to the notice of ED sleuths that Veerendra, his family members and associates have booked several international travel tickets, visa and other hospitality services worth crores of rupees, financed through a network of mule accounts linked to proceeds from online betting websites.
The evidence suggests that the funds used for high-value transactions were diverted from illicit online activities and funneled through multiple intermediary accounts to obscure their origin.
Earlier searches by ED on various locations linked to Veerendra had seized 103 crore in form of about 21 kgs of gold bars, cash, gold and silver jewellery, bank accounts and high-end vehicles. The ED stated the total seizure made by the sleuths in illegal online betting case is more than 150 crore as of now.
