In a major crackdown on illegal online gambling, the Enforcement Directorate (ED) has filed a comprehensive chargesheet against 14 individuals and entities in the high-profile Magicwin betting case. This development marks a significant step in the agency’s ongoing investigation into a multi-crore money laundering racket linked to offshore betting platforms.
The chargesheet, submitted before a special Prevention of Money Laundering Act (PMLA) court in Delhi, details how the accused operated a sophisticated network that facilitated massive illegal wagers on cricket matches, casino games, and other sporting events. According to ED sources, the probe uncovered transactions exceeding Rs 500 crore, with funds being routed through a web of shell companies and hawala channels to evade detection.
Key figures named in the document include promoters of the Magicwin platform, who allegedly used encrypted apps and virtual currencies to manage operations from jurisdictions like Curacao and the Philippines. The agency has attached assets worth over Rs 150 crore, including luxury properties, high-end vehicles, and bank balances, as part of its action under PMLA.
Investigators revealed that the betting syndicate exploited India’s booming digital economy, targeting millions of users through aggressive social media campaigns and fake endorsements. Punters were lured with promises of quick riches, only to fall into a cycle of addiction and financial ruin. The ED’s forensic analysis traced the money trail from Indian bank accounts to foreign exchanges, exposing links to organized crime syndicates.
This case underscores the growing threat of online gambling portals that operate beyond Indian jurisdiction while preying on domestic users. Legal experts believe the chargesheet could lead to extradition requests and international cooperation to dismantle the entire ecosystem. As the court proceedings unfold, authorities are urging the public to report suspicious betting activities and avoid unregulated platforms.