ED likely to step in as money-laundering suspicions deepen in ‘iBomma’ Case
The ED is expected to join the investigation into iBomma kingpin Immadhi Ravi after Hyderabad Police uncovered suspicious financial activity, including Rs 3.5 crore frozen, large betting app payments, monthly crypto transfers and foreign bank transactions, indicating possible money laundering.
Hyderabad: The Directorate of Enforcement (ED) is likely to step in to investigate suspected money-laundering links in the ‘iBomma’ Immadhi Ravi case, following alarming financial clues unearthed by the Hyderabad Police.
As per sources, the national agency authorities may officially write a letter to the Hyderabad Police, seeking complete details of the ongoing investigation. The Hyderabad Police have so far frozen a total of Rs 3.5 crore in the kingpin Ravi’s bank accounts.
Preliminary findings have indicated that he had received large sums from betting applications, shown as advertisement payments. The Cybercrime officials also discovered that nearly Rs 15 lakh per month was transferred from a crypto wallet to Ravi’s NRI account.
Multiple high-value transfers from foreign bank accounts further strengthened the suspicion of money laundering. With these developments, the ED is now expected to take up a deeper probe into the international and crypto-linked financial trails connected to the case.
Further scrutiny indicated multiple high-value transfers from foreign bank accounts. Taking note of these financial movements, it is learnt that the ED has decided to begin a comprehensive probe into possible money-laundering activities connected to the case.
Authorities expect the ED’s involvement to intensify the investigation, especially into international transactions and crypto-linked fund flows.
