ED seizes Rs 8 cr from Fairplay in IPL case

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ED Cracks Down on Fairplay App: Multiple Locations Raided

Extensive Searches Conducted

The Enforcement Directorate (ED) recently conducted extensive searches at 19 locations across Mumbai and Pune. These searches are part of an ongoing investigation against the “Fairplay” app, a subsidiary of the Mahadev Betting app. The app is allegedly involved in illegal broadcasting of the Indian Premier League (IPL) and various betting activities, including the 2024 Lok Sabha election results.

Seizure of Assets Worth Rs 8 Crore

During the raids, the Mumbai unit of the ED confiscated cash, bank funds, Demat account holdings, and luxury watches worth Rs 8 crore. The anti-money laundering agency acted on an FIR registered by Nodal Cyber Police, Mumbai, following a complaint from Viacom18 Media Private Limited. The complaint alleged that Fairplay Sport LLC and others caused a revenue loss exceeding Rs 100 crore.

Incriminating Evidence Found

“During the search operations, various incriminating documents, digital devices, cash, bank funds, Demat account holdings, and luxury watches to the tune of Rs 8 crore were seized/frozen,” an ED official stated. The complaint from Viacom18 accused Fairplay of illegally streaming IPL matches and showcasing other content without acquiring legal rights, leading to significant financial losses for the company.

Illegal Agreements and Fund Diversion

The ED revealed that Fairplay made agreements through foreign-based entities in Dubai and Curacao with Indian agencies representing celebrities. Funds collected by Fairplay were allegedly routed through shell bank accounts and funneled into pharma companies involved in bogus billing. These funds were then diverted to overseas shell entities located in Hong Kong, China, and Dubai.

Investigation into Shell Entities

“More than 400 bank accounts of shell entities were found to have been used for these purposes, which are under examination, along with the trail of and utilisation of funds gathered from the lay public by Fairplay,” the ED stated. The investigation continues as authorities scrutinize the extensive network of shell entities and the financial trail involved in this illegal operation.(cricket betting app)