OFFSHORE APPS
ED searches offices linked to Fairplay app over 'financial fraud'
The Enforcement Directorate (ED) Thursday said it conducted searches on multiple locations in connection with its probe on an offshore illegal betting application, Fairplay. The said app was allegedly involved in illegal broadcasting of cricket matches, including the Indian Premier League (IPL) and various online betting activities including results of recently concluded Lok Sabha polls.
Operators of illegal betting apps moving from Dubai to Sri Lanka
As Dubai's scrutiny intensifies on the online gambling empire Mahadev, illegal betting operators are relocating to Sri Lanka. Offshore call centers and offices, crucial for these betting apps, are being established there. Staff running multiple betting websites are now operating discreetly from Sri Lankan villas, drawn by the country's cheaper costs and less rigorous enforcement compared to Dubai.
Denied tickets, betting sites still vie for seats in poll arena
Offshore betting apps in India allow users to bet on elections using rupees. Criminals use mule accounts for money laundering, evading taxes. Gaming experts noted a smaller scale of betting in the 2019 general elections.
Chhattisgarh EOW registers FIR against ex-CM Baghel, others in Mahadev betting app case
Chhattisgarh's Economic Offences Wing (EOW) initiated a case against ex-Chief Minister Bhupesh Baghel and others in the alleged Mahadev online betting scam, based on a report submitted by the Enforcement Directorate (ED). Baghel and app promoters face charges including criminal conspiracy and cheating. The ED alleges involvement of high-ranking officials, projecting proceeds of crime at about Rs 6,000 crore.
Cryptocurrency comeback: Indian exchanges shine amid offshore challenges
What started out as a crypto freeze is showing signs of thaw. But can volumes regain levels they once saw? And can platforms like Binance make a comeback in India? ET decodes the latest developments and what they mean for the Indian market.
Eruditus plans India flip; Ayodhya boost for spiritual apps
Indian IT majors are eyeing upcoming US federal contracts as several large deals are set for renewal in the next two quarters. While it is still challenging for Indian companies to win these contracts, there is a more positive attitude towards Indian-heritage suppliers.
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India blocks global crypto sites Binance, Kucoin, OKX, others over laundering fears
India blocked access to foreign cryptocurrency exchanges like Binance, Kucoin, and OKX, as well as virtual digital asset service providers. The Android versions of these apps are also expected to be removed.
Google removes Binance, other offshore crypto apps from Play Store
Less than 24 hours after access to web platforms of crypto wallets such as Binance was cut off for Indian users, theirapps were also taken down from Google Play Store..
Cobranded credit card rush; threat of complete ban on offshore crypto apps
Happy Friday! Banks are pushing the pedal on their cobranded credit card strategy as they gain traction through large consumer facing internet companies. This and more in today’s ETtech Morning Dispatch
Threat of ban looms over offshore crypto platforms as govt weighs in
The government may ban offshore cryptocurrency dealing apps like Binance in India if found guilty under the Prevention of Money Laundering Act. The finance ministry has issued show-cause notices to these digital wallets, but a more extensive probe is underway.
ETtech Explainer: Apple takes down some foreign crypto apps in India. What does it mean?
For long, local crypto exchanges have seen investors move their assets offshore to escape heavy taxation. This move could lure Indian crypto investors back to domestic exchanges.
Apple removes top crypto exchanges like Binance, Kucoin, OKX from App Store in India
The Financial Intelligence Unit, under the Finance Ministry, had last month issued show-cause notices to nine offshore VDA service providers, including Binance, for operating in the country without complying with money laundering laws.
Mahadev app promoters funnelled illegal proceeds into crypto, bogus diamond trade
In the 1800-page supplementary prosecution complaint (PC) equivalent to a charge sheet, the federal anti-money laundering agency has also claimed that one of the accused, Asim Das, the courier who allegedly delivered the money to former Chhattisgarh Chief Minister, Bhupesh Bagel, and who had subsequently retracted his statement claimed that he did this 'under influence'. In a fresh statement Das has claimed that he stands by his original statement.
India's government blocked 174 betting and gambling sites
The Indian government has blocked 581 applications, including 174 betting and gambling app, Pankaj Chaudhury, the minister of state for finance, told the parliament on Monday. Some prominent platforms operating illegally include Parimatch, Fairplay, 1XBET, Lotus365, Dafabet, and Betwaysatta.
Offshore betting ads concerning, says ASCI amid increased scrutiny on betting apps
The Advertising Standards Council of India (ASCI) has expressed concerns over the advertising of betting apps featuring well-known celebrities, as scrutiny on such apps and their links to celebrities widens. ASCI emphasized that betting is illegal in many parts of India, making its advertising impermissible. The council highlighted the issue of offshore betting ads, featuring prominent Indian celebrities and being shown to Indian audiences, as a matter of concern.
Govt bans Mahadev, 21 illegal betting apps; cyberattacks against India spike
Controversial betting app Mahadev is among 22 illegal betting apps that the government ordered to be blocked on Sunday, following an investigation and raids by the Enforcement Directorate (ED). This and more in today’s ETtech Morning Dispatch.
Why hasn't Centre arrested Mahadev betting app promoters despite lookout circular, says Baghel
In its press note, the Enforcement Directorate (ED) claimed that a forensic analysis and a statement made by a 'cash courier' had led to "startling allegations" that the promoters of the Mahadev betting app paid about Rs 508 crore to the Chhattisgarh chief minister so far, and that "these are subject matter of investigation".
Offshore egaming apps try no-GST ploy to woo users; Binny Bansal’s Curefoods push
Offshore entities of Indian real money gaming apps are trying to lure customers with social media ads, promising their bets won’t be taxed under the 28% slab of the Goods and Services tax (GST). This and more in today’s ETtech Morning Dispatch.
Offshore gaming apps lure users with ‘No GST’ carrot
Most of these apps are now trying to win over customers, advertising that bets placed on their platforms would not face any GST, people in the know told ET.
Offshore real money gaming apps lure users with 'No GST' carrot
India-based real money gaming (RMG) applications are challenging a tax demand of over ₹1.5 lakh crore from the Directorate General of GST Intelligence (DGGI). Meanwhile, offshore RMG apps are actively advertising that they do not attract GST, taking advantage of the 28% GST imposed on RMG apps in India from October 1.
Key accused in Mahadev betting app case held at Mumbai airport, handed over to Rajasthan cops
Mrugank Mishra, a key accused in the Mahadev betting app case, was detained at Mumbai's airport upon his arrival from Dubai. Mishra is accused of assisting the app's promoters in opening questionable bank accounts to divert scam money. He has been taken into custody by the police in Rajasthan, where he faces charges related to the Mahadev app. Mishra allegedly opened bank accounts in the names of unsuspecting individuals, promising them money from government schemes. The app's company, based in Dubai, was involved in hawala operations and money laundering.
Govt plans stricter rules to deter betting apps; Indian cricket jerseys fly off ecommerce shelves
To curtail the spread of illegal online gambling and betting via offshore platforms in the country, the Centre is planning to tighten the rules, especially on UPI payments. This and more in today’s ETtech Top 5.
Centre planning to raise odds against illegal betting companies
The government found as many as 114 illegal betting and gambling platforms operating in India through domain farming, people aware of the details told ET.
ED summons Bollywood actor Ranbir Kapoor in an illegal betting app case
The Enforcement Directorate (ED) has summoned Bollywood actor Ranbir Kapoor for his alleged involvement in the Mahadev Book App illegal online betting case. The ED claims that Kapoor endorsed the app on social media and received payments from it. The agency wants to know the contact and payment details from the actor, as well as the main accused who are suspected to be in Dubai.
Mahadev app scandal: ED to interrogate talk show host Kapil Sharma, actors Huma Qureshi & Hina Khan
The federal probe agency had already summoned Bollywood actor Ranbir Kapoor for questioning on October 6 at its regional office in Raipur.
ED summons Kapil Sharma, Huma Qureshi, and Hina Khan in Mahadev online betting app case
The Enforcement Directorate has summoned Kapil Sharma, Hina Khan, and Huma Qureshi in connection with the Mahadev online betting app case. Several other celebrities and actors are also under investigation. The app, operated from Dubai, allegedly used benami bank accounts to launder money.
A Rs 200 cr wedding that opened gates to a Rs 5,000 cr scam: The men behind Mahadev betting app
The Enforcement Directorate (ED) in India has summoned Bollywood actor Ranbir Kapoor as part of its probe into the Mahadev Book App case, involving illegal online betting. The ED suspects the total amount involved to be over Rs 5,000 crore. Several other Bollywood personalities are also under scrutiny for allegedly receiving payments to attend or perform at the wedding.
ED seizes Rs 417 crore in connection with betting app Mahadev; what we know about the case so far
The Enforcement Directorate has seized assets worth Rs 417 crore from locations linked to the betting app Mahadev. The app, started by Sourabh Chandrakar and Ravi Uppal, is accused of aiding illegal betting websites and laundering money through benami bank accounts. The ED has conducted searches in multiple cities and arrested four accused so far.
Jio raises close to $2-billion offshore loan
Reliance Jio has secured a loan of about $2 billion, one of India's largest offshore loans in FY24. The loan, arranged by HSBC, will be used to fund the purchase of 5G network equipment from Nokia. Finnish export credit agency Finnvera is believed to have provided insurance coverage for the deal, reducing Jio's overall funding costs.
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