Delhi’s PMLA court received a bombshell chargesheet from the ED today, formally charging 14 individuals and organizations in the explosive Magicwin online betting scandal. This culmination of a year-long investigation exposes a shadowy underworld of digital gambling that funneled billions in black money across borders.
At the heart of the racket was Magicwin, a slick platform offering everything from IPL match fixes to virtual roulette wheels. The ED alleges the accused generated over Rs 600 crore in illegal revenue, laundering it through layered transactions involving fake invoices, mule accounts, and offshore trusts.
Prominent among the accused are the platform’s founders, who resided in Dubai while directing Indian foot soldiers to recruit bettors via influencers and WhatsApp groups. The chargesheet includes chat logs, transaction screenshots, and witness statements that dismantle their facade of legitimacy.
The agency’s multi-agency coordination with cyber cells and income tax sleuths unearthed a nexus extending to match-fixing cartels. Assets seized range from Goa villas to Mumbai stock portfolios, valued at Rs 180 crore collectively. This aggressive asset attachment aims to compensate victims and fund public awareness drives.
As India grapples with the online betting surge—projected to hit $10 billion by 2025—this case serves as a wake-up call. Lawmakers are debating amendments to the Gambling Act, while tech firms pledge better app store vigilance. The upcoming trial could set precedents for tackling cross-border cybercrimes, restoring faith in digital financial safeguards.