Assam: ED arrests key operator in illegal IPL betting syndicate

Guwahati, July 22 (AHN) The Enforcement Directorate (ED) has arrested an alleged key operator of an organised illegal IPL betting syndicate under the Prevention of Money Laundering Act (PMLA), 2002, in connection with an ongoing money laundering probe linked to illegal betting activities during the Indian Premier League (IPL) season, officials said on Wednesday.

According to an official statement, the Guwahati Zonal Office, Assam, of the ED arrested Alok Kumar Jain under the provisions of the PMLA after uncovering his alleged role in managing and settling IPL bets through foreign-based online betting platforms.

The agency claimed that Jain functioned as a principal operator of an organised betting syndicate and handled betting transactions through online portals, including "Sky Exchange", "WIFI Exchange", and "Bull Intraconnect".

During the investigation, the ED allegedly found that he had created an elaborate network of mule bank accounts to conceal and layer the proceeds generated from illegal betting operations. Investigators claimed that Jain obtained Know Your Customer (KYC) documents from his domestic staff and used them to open multiple bank accounts that were linked to his personal mobile number.

The accounts were allegedly used to channel betting proceeds without the operational knowledge or consent of the account holders. The ED further stated that the illicit funds were allegedly integrated into the formal economy through investments in bullion, gold, luxury lifestyle goods and real estate.

Financial ledgers seized during the investigation purportedly revealed that substantial amounts of money were routed through business channels and converted into bullion and other high-value assets within a short period.

The agency also claimed that Jain's declared income in his tax filings was disproportionately low compared to his alleged asset holdings, financial transactions, loans, advances, transfers to family members and control over multiple immovable properties.

Since Jain was already in judicial custody in the predicate offence, the ED obtained a production warrant from the Special Court (PMLA), Guwahati, before arresting him under Section 19(1) of the PMLA.

The court has granted the agency four days of custody for further investigation into the total proceeds of crime allegedly generated and laundered by the accused, the statement added.