ED summons Google, Meta on July 21 in money laundering linked to betting app
PTC News Desk: The Enforcement Directorate on Saturday issued a notice to Google and Meta in connection with its ongoing investigation into alleged money laundering linked to betting apps. The representatives from both the companies have been summoned to appear before the agency's Delhi headquarters on July 21.
According to the probe agency, both Google and Meta platforms are promoting betting apps through advertisements and facilitating their reach to users.
The notices issued to Meta and Google follow recent Enforcement Directorate (ED) raids at four locations in Mumbai linked to a major dabba trading and online betting case. During the searches, officials seized ₹3.3 crore in unaccounted cash, along with luxury cars, jewellery, foreign currency, and cash-counting machines.
The ED is investigating the financial and operational dealings of several "dabba trading apps" allegedly involved in illegal trading and betting activities. Platforms under scrutiny include VMoney, VM Trading, Standard Trades Ltd, IBull Capital Ltd, LotusBook, 11Starss, and GameBetLeague.
The ED's investigation under the Prevention of Money Laundering Act (PMLA) stems from an FIR filed on January 9 at the Lasudiya Police Station in Indore, Madhya Pradesh. The case was registered under Sections 319(2) and 318(4) of the Bhartiya Nyaya Sanhita, previously known as IPC Sections 419 and 420.
Probes have uncovered that Vishal Agnihotri, the key beneficiary of VMoney and 11Starss, initially acquired administrative control of the LotusBook betting platform under a profit-sharing agreement of five percent. He later transferred these rights to Dhaval Devraj Jain, keeping a 0.125 percent stake for himself, while Jain took over the remaining 4.875 percent.
- With inputs from agencies
