India freezes €13.9 million in crackdown of Chinese betting, loan apps 

Jenny Ortiz 1 month ago
India freezes €13.9 million in crackdown of Chinese betting, loan apps 

Indian authorities froze INR123 crore (€13.9 million) and raided ten sites, targeting Chinese-controlled betting and loan apps.  

The country’s domestic law enforcement and economic intelligence agency, the Directorate of Enforcement announced the operation. 

The agency said it seized assets following searches in ten locations such as in Mumbai, Chennai and Kochi.  

Operation in accordance with Prevention of Money Laundering Act 

The Directorate of Enforcement added that the operation was carried out under the Prevention of Money Laundering Act and targeted Chinese controlled betting and loan apps accused of defrauding numerous individuals. 

In a statement, the agency said the search operations also resulted in the recovery and seizure of several digital devices, various incriminating documents, multiple bank accounts used for laundering, and details of various movable and immovable assets of the accused persons and entities 

Indian authorities receive reports of exploitation and cheating 

The probe began based on First Information Reports registered by police in Kerala and Haryana. 

Authorities referred to allegations of exploitation and cheating through online gambling, loan and betting apps controlled by Chinese companies. 

Use of mule accounts, crypto, and forex transfers 

The government agency further detailed that the proceeds of crime generated from the apps and other platforms are aggregated and laundered through mule accounts opened in various banks.  

Additionally, funds were transferred overseas through bogus software imports, cryptocurrency transfers, and forex currency purchases.   

Foreign companies, mostly in Singapore, raised fake invoices processed through a Singapore-based forex settlement platform, breaching AML regulations. 

SiGMA Africa – only two weeks away!  

With less than a month until the highly anticipated SiGMA Africa event kicks off in Cape Town, South Africa on the 11th of March, the gaming industry is abuzz with excitement. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Africa is strategically positioning itself at the forefront of Africa’s burgeoning gaming landscape. With the continent’s market poised for exponential growth, driven by a rapidly evolving digital ecosystem and increasing mobile connectivity, SiGMA Group recognizes the need to foster collaboration and innovation within the industry. By bringing together leading stakeholders and visionaries in gaming, SiGMA aims to catalyse progress and propel Africa toward a new era of prosperity and opportunity. As the countdown to the event begins, anticipation mounts for what promises to be a landmark gathering of gaming enthusiasts and innovators in the vibrant city of Cape Town. 

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