The Ahmedabad Zonal office of the Enforcement Directorate (ED) conducted search operations on December 10 and 12 at 21 locations in Delhi, Mumbai, and Pune under the Prevention of Money Laundering Act (PMLA).
The searches were part of an ongoing investigation into “Magicwin,” which is allegedly involved in illegal broadcasting of Cricket Men’s T20 World Cup matches and various online betting activities.
During the operations, bank funds amounting to Rs 30 lakh were frozen, and several incriminating documents and digital devices were seized, according to an ED statement.
The investigation was initiated based on an FIR registered by the Cybercrime police station in Ahmedabad against Magicwin and others. To date, the ED has conducted 68 searches in this case, seizing documents and digital evidence. The total value of seizures and frozen assets now stands at Rs 3.55 crore.
The ED’s investigation revealed that Magicwin allegedly operates as a betting website disguised as a gaming platform and is owned by Pakistan nationals, with operations primarily managed by Indian nationals based in Dubai.
According to the ED, the betting games hosted on the website are played in countries like the Philippines, where betting is legal, but are re-broadcasted on Magicwin by copying APIs from the original games. The website’s betting activities, such as deposits, bets, and withdrawals, are controlled by its owners.
The ED further alleged that funds deposited by players into bank accounts linked to Magicwin were routed through layers of shell or mule accounts. The owners reportedly converted profits into crypto assets, withdrew them as cash, or transferred them to Dubai through Hawala channels. Winning amounts were allegedly transferred to players’ bank accounts via merchant accounts of shell companies or through Domestic Money Transfer (DMT) systems.
The ED also noted that Magicwin had hosted a launch party in India, reportedly attended and endorsed by several Bollywood celebrities. These celebrities allegedly participated in promotional video and photo shoots and advertised the website on their social media platforms. Advertisements were also displayed on hoardings across various locations in India, including Gujarat and Maharashtra.
The ED claimed that profits generated by Magicwin amounted to more than 50% of the total deposits made by players on the platform.
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Name of Author: Cricexec Staff
