The Enforcement Directorate (ED) has uncovered that the online betting platform ‘Magicwin,’ allegedly operated by Pakistani nationals, earned profits exceeding 50% of the total deposits made by players. The investigation, conducted under the Prevention of Money Laundering Act (PMLA), revealed that over ?1,000 crore was funneled into the promoters’ accounts through shell companies and payment gateways. ED officials have seized more than 50 shell firms, over 100 fake bank accounts, and frozen ?30 lakh in funds, along with confiscating incriminating documents and digital devices.
The ED’s probe, initiated following an FIR by Ahmedabad Cyber Crime police, found that Magicwin operates from Dubai but is owned by Pakistan-based individuals. The site reportedly broadcasted cricket matches, including the Men’s T20 World Cup, illegally. Betting activities displayed on the platform were staged in countries like the Philippines, where gambling is legal. The investigation also uncovered that transactions for deposits, bets, and withdrawals were controlled by the platform’s owners in Dubai and Pakistan.
As part of the investigation, ED officials raided 21 locations across Mumbai, Pune, and Delhi. A “launch party” for Magicwin, featuring endorsements by Bollywood celebrities, is under scrutiny for possible connections to the scam. The ED continues to probe the extensive money laundering network tied to Magicwin, which has highlighted the misuse of shell companies and cross-border financial operations.
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