The Enforcement Directorate (ED) conducted fresh raids at 21 locations in Delhi, Mumbai, and Pune under the Prevention of Money Laundering Act (PMLA) as part of an investigation into an unlawful betting website named Magicwin. The portal, owned by Pakistani nationals and operated by Indians based in Dubai, was found to broadcast Men’s T20 World Cup matches illegally. During searches between December 10 and 12, officials seized bank funds worth ?30 lakh, along with incriminating documents and digital devices. The ED’s investigation stems from an FIR filed by the cybercrime unit of Ahmedabad Police in Gujarat.
Magicwin masquerades as a gaming website but facilitates illegal betting. Investigations revealed that betting activities shown on the portal are copied from games played in countries where betting is legal, such as the Philippines. The money deposited by users is funneled through shell and mule bank accounts, with profits converted into cryptocurrency, withdrawn as cash, or transferred to Dubai via hawala networks. Winning amounts are sent to players through shell companies’ merchant accounts and domestic money transfer (DMT) services. The ED noted that the betting site generated profits exceeding 50% of the total deposits.
The ED is also scrutinizing a launch event attended by Bollywood celebrities who promoted Magicwin through social media posts, video shoots, and advertisements, including hoardings in Gujarat and Maharashtra. Since the start of the investigation, the ED has conducted 68 raids and seized assets worth ?3.55 crore. The case highlights a complex web of money laundering, international operations, and illegal betting tied to the platform.