Indian cricketers found guilty in money-laundering case; ED attaches assets worth ₹11.14 crore
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Two of India's well-known cricketers have found themselves in trouble as the Enforcement Directorate has attached assets worth INR 11.14 crore belonging to the two cricketers in a money-laundering investigation. This would be a huge tarnish to the reputation of the two cricketers.
The Enforcement Directorate is the Indian government investigative organization that is involved in cases surrounding money fraud and financial crimes. The ED has been investigating a company named 1xBet, which deals with online gambling and has been the title sponsor of several sports franchises in India.
The agency has been examining financial transactions, endorsement deals, and promotional campaigns from influential and celebrated personalities to gain knowledge of the flow of funds from offshore entities to Indian accounts.
ED finds former Indian cricketers guilty of money laundering
During a similar investigation, for which they had called in former Indian cricketers Shikhar Dhawan and Suresh Raina to the ED office to inquire about the cash from the betting platform, they have found assets worth INR 11.14 crores belonging to the two cricketers.
As per PTI reports, the ED officials have attached those reports and have linked them to the illegal money from the illegal betting platform 1xBet. A provisional attachment order has already been issued under the Prevention of Money Laundering Act (PMLA).
The order further mentions that it includes an immovable property worth INR 4.5 crores to Shikhar Dhawan and a mutual fund investment of Suresh Raina, which is worth INR 6.64 crores.
ED has already questioned several known personalities having ties with 1xBet
The reports have further claimed that both these cricketers knowingly entered into endorsement agreements for the promotion of 1xBet and the other brands associated with it. The probe mentions these promotions were linked with entities that were promoting illegal online betting services in the country.
As a part of this probe, the ED has already questioned several prominent figures from India, which include cricketers Yuvraj Singh and Robin Uthappa, actors Sonu Sood and Urvashi Rautela, and former TMC MP Mimi Chakraborty, who is also a renowned Bengali film actress. Bengal actor Ankush Hazra was also questioned regarding the promotional associations with the platform.
What is 1xBet? Know more about the Company under an ED probe
1xBet is an online gambling company licensed by the Curaçao eGaming License. The company boasts a track record of 18 years in the business, as it was founded back in 2007 and is headquartered in Cyprus, a Mediterranean island off the coast of Asia.
The platform provides one of the largest online casinos, and according to some reports, it probably is the biggest sportsbook on the planet. They have also been sponsors to major professional teams like FC Barcelona, Ecuador's Barcelona S.C., and Paris Saint-Germain.
Even before the ED investigation, several other countries had already disallowed its operation in their nation, following investigations into the company's finances. The countries where it is not allowed to be used include the UK, the United States, France, Russia, and Spain. Also, international warrants have been issued for the three founders of the company, one of whom has already died.
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