ED searches 15 locations in Telangana, Andhra over alleged betting, investment app fraud

The Enforcement Directorate (ED) has searched 15 locations across Telangana and Andhra Pradesh in an investigation into alleged online betting and fraudulent investment app networks. Officials are reportedly examining suspected hawala links and cross-border fund transfers, while recoveries remain unconfirmed.

Hyderabad: The Enforcement Directorate (ED) has carried out simultaneous searches at 15 locations across Telangana and Andhra Pradesh, including Hyderabad and Vijayawada, as part of an investigation into alleged online betting and fraudulent investment app networks.

The searches were reportedly conducted under the Prevention of Money Laundering Act (PMLA), based on an FIR registered at the Pune Cybercrime Police Station in Maharashtra.

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As per information available, ED officials are focusing on suspected interstate networks involved in luring or trapping unsuspecting people with false promises of high returns and allegedly cheating them to the tune of hundreds of crores through online betting platforms and fraudulent investment applications.

The latest searches are said to be the result of leads uncovered during searches conducted recently in Delhi, Mumbai and Gurugram. Officials are reportedly examining the role of agents and alleged ‘hawala’ operators in the two Telugu states.

The ED suspects that money collected through betting operations was routed abroad through shell companies and crypto-currency transactions to conceal the movement of funds.

Officials are also examining documents, financial transaction records and digital devices at the residences and offices of suspected key operatives.

Reports indicate that the searches may have yielded substantial cash, details of bank accounts and evidence related to suspected hawala networks. However, the alleged recoveries and the identities of those involved are yet to be officially confirmed by the ED authorities.