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ED discovers money trail of betting scam to China
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After a Chinese national Yan Hao was arrested, the ED made him the prime accused in the case and named Delhi-based Jagadamba Trading Company and two Gurgaon-based companies Dokypay Technology and Linkyun Technology along with their directors and associates as accused in its enforcement case information report (ECIR).
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(This story originally appeared in on Jan 23, 2021)HYDERABAD: The ED has begun a probe into Chinese companies resorting to fraudulent online betting, cheating people in India and transferring the proceeds of the crime to China through multi-layered and technical transactions involving cryptocurrency. The firms allegedly laundered Rs 1,100 crore from just two accounts.
Updated Jan 23, 2021 | 08:00 IST
ED has initiated a probe into the involvement of certain Chinese companies and nationals into online betting and money laundering charges ED begins probe into Chinese cos’ involvement in online betting | Photo Credit: Thinkstock
The Enforcement Directorate (ED) has initiated an investigation into the alleged involvement of Chinese companies in online betting in India, cheating people and transferring the proceeds to China using cryptocurrency.
The Chinese companies fraudulently transferred Rs 1,100 crore using just two accounts. One Chinese national Yan Hao who was earlier arrested is named as the prime accused in the case, according to a TOI report. The police have also named Jagdamba Trading Co, Dokpay Technology, and Linkyun technology, according to the ED report.
Dummy directors, identical websites, lucrative rewards: The making of a Chinese betting shark
Dummy directors, identical websites, lucrative rewards: The making of a Chinese betting shark
Investigators reveal that upon downloading these loan apps and applying for a loan, the phone numbers of the borrowers/customers and their family members are instantly shared by the lending firm to their tele-callers and loan agents. Defaulters are threatened with messages containing fake FIR case numbers.
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UPDATED: January 15, 2021 12:40 IST
Hundreds of complaints and several suicides have forced police in different cities to crack down on Chinese loan apps. (Getty Images)
Hundreds of complaints and several suicides have forced police in different cities to crack down on Chinese loan apps. As investigators dug deep, they found that the same Chinese entities also ran several gambling and betting apps. Many, including some Chinese nationals, have also been arrested in connection wi
HYDERABAD: In Chinese betting apps case, Enforcement Directorate has arrested a cryptocurrency operator identified Naisar Kothari for transferring money from Chinese companies to abroad in the form of USD (Tether).
ED said that the online betting scan and hawala transactions involved Rs 1100 crore transactions. The accused is a 26-year-old techie from Bhavnagar who did around Rs 14 crore transactions, and ED booked him under the Prevention of Money Laundering Act.
ED PMLA Court in Hyderabad granted custody of the accused for a further grilling from December 13 to December 22.
ED begun probe under PMLA against two Chinese companies
Linkyun Technology Private Limited and DokypayPvt Ltd based on a FIR registered by Hyderabad central crime station sleuths.