Through this NBFC, the betting platform allegedly laundered more than Rs4,500 crore, with a significant portion coming from non-whitelisted entities.
The NBFC has emerged as the central element in the money laundering activities linked to FairPlay. The company allegedly crafted complex mechanisms to layer illicit funds, routing them through numerous dummy bank accounts and entities across India to overseas destinations.
The NBFC was used to handle user transactions, managing deposits through discreet escrow accounts while processing payouts via virtual bank accounts linked to shell entities. These shell entities were key in creating a complex financial structure, which effectively masked the direct association between FairPlay and the suspected transactions.
This story is from the December 19, 2024 edition of The Free Press Journal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 19, 2024 edition of The Free Press Journal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Scottish girls teams to fight for U-9 title
Bombay Scottish Mahim set up final clash with Bombay Scottish Powai in the U-9 Girls Basketball Tournament at BKHMCT ground Andheri West on Friday.
WHAT IGNITED DEADLY WILDFIRES?
Investigators are considering an array of possible ignition sources for the huge fires that have killed at least 10 people and destroyed thousands of homes and businesses in the Los Angeles area.
No stopping the rage of angles in LA
UNENDING BATTLE - 'We're throwing everything at our disposal to protect communities in the days to come,'s ays Guv Gavin Newsom
Psychic Star favourite for Villoo C. Poonawalla Indian Oaks
\"Horses for courses,\" might be the saying, but this Saturday, it's all about one horse for the course—Psychic Star.
'LA28 inclusion game changer'
INDIAN SQUASH - Joshna Chinappa sees great potential in the emerging Anahat
Mixed day for Maharashtra
State girls continue to shine in 50th Junior National Kabaddi Championship
Smashed window of press box awaits Rinku in Gqeberha
It's been over a year since a Rinku Singh maximum smashed the window glass of St George Park's press box and with a repair unlikely anytime soon, the ground management won't mind the Indian marauder's autograph on the damaged portion the next time he is here.
Mandhana feels Ireland were let off the hook while batting
India had reduced Ireland to 56/4 in the 14th over but the visitors went on to score 238 eventually
Pacer Varun Aaron Retires From All Formats
The Jharkhand bowler was known for his express speeds of over 150
Ashwin's high praise for Pant
Spin legend feels India batter can score century in every game
