Navi Mumbai / Raigad, Sept 26, 2025
In a major crackdown on illicit fintech operations, the Raigad Cyber Police have exposed a ₹350-crore pan-India illegal gaming and betting racket that used apps such as AM999, Madhur Matka, and Parimatch clones to lure unsuspecting users. One key accused, Bharmal Meena (38), was arrested in Rajasthan, while five others remain at large. Investigators traced 44 mule bank accounts, frozen under enforcement action, with combined balances of ₹19.4 crore. The probe is now mapping money flows through shell firms, payment intermediaries and accounts spread across multiple states. The Enforcement Directorate (ED) is already looking into linked platforms, having previously attached hundreds of mule accounts and blocked billions in transactions tied to similar gaming operations.
According to officials, the arrested and fugitive operators orchestrated a commission network: relatives of the prime accused received daily payouts as cash passed through the mule accounts. The police warned users about “get-rich” gaming lures and flagged misuse of KYC-light wallets and third-party accounts to obscure the origin of funds. Legal analysts observe that recent central regulations around online gaming are intended to curb such abuses, but lasting disruption would depend on stronger coordination among state police, Financial Intelligence Units (FIUs), banks, and central agencies.
The Discovery & Investigation
How it surfaced
The police action was triggered by an FIR registered earlier this month, following a complaint from an Alibag resident, Amit Jadhav (37), who alleged that he was duped by several gaming apps. His complaint states that after receiving promotional messages, he deposited money into app wallets of AM999 and Parimatch, but when trying to withdraw, he was blocked. Raigad Police Superintendent Anchal Dalal confirmed that Jadhav first transferred ₹10,000 via UPI into the AM999 app, and later sent further amounts to accounts in Bhubaneswar for gaming on Parimatch
Arrest & accounts uncovered
Meena was apprehended in Rajasthan, but five co-accused remain at large. During the course of investigation, authorities found that Meena’s relatives were receiving daily commission payouts (up to ₹1 lakh per day) in current accounts, tied to large transactional volumes via the mule accounts.
The 44 mule accounts, now frozen, held a total of ₹19.4 crore. Among those accounts were:
- APEXIO Ltd, with director Smitika Bose associated
- Ramakant Sahoo (director, New3g service / mobile shop)
- Sujata Sahoo (director, Payque Solutions, noted as a housewife)
- Saubhagya Ranjan Behera (director, LA PITURA)
Investigators say that individual transaction volumes through some of these accounts were massive: for example, one account reportedly handled ₹56 crore in two months; another saw ₹114 crore; yet another ₹186 crore over a short period. But the actual balance, at any given moment, was small—suggesting swift layering and dispersion of funds.
Link to ED and parallel probes
The Enforcement Directorate is already probing Parimatch and related apps. In prior cases, ED has attached 3,000 crore across 500 mule accounts in connection with similar illegal operations.
Raigad cyber officials also suspect complicity of bank officials, payment intermediaries, and fintech firms that may have facilitated or turned a blind eye to these high-volume transfers.
Modus Operandi & Money Flow Structure
The gaming network operated on a layered architecture designed for scale, anonymity, and evasion. Key elements include:
- Promotion & Luring
- Aggressive digital marketing via SMS, WhatsApp, social media, and push adverts promising high returns from gaming
- Use of clones of well-known apps (Parimatch, etc.) to instill trust
- “Get rich quick” messaging to attract small investors
- Wallets & App Balances
- Users deposit funds into “wallets” or in-app balances
- Fake gains, bonuses, game tasks, and controlled UI show users profits
- Withdrawal Traps
- When users seek withdrawals, they are asked to pay “processing fees,” “tax,” or “unlock charges”
- Promised withdrawals never materialize
- Mule Accounts & Layering
- The deposited funds are transferred out rapidly using multiple bank accounts owned or managed by unwitting individuals (mules)
- Each mule account is used for large transfers in a short time, then cleared out (balance low) to avoid detection
- Commission Network
- Relatives or close associates of core accused receive daily commission for enabling account usage, facilitating transfers
- Shell Entities & Payment Intermediaries
- Funds flow through shell companies, obscure payment service providers, or third-party wallets
- Some are processed via low-KYC / semi-regulated fintech conduits
- Crypto Conversion & Exit
- Once layered sufficiently, funds are converted into cryptocurrency and transferred abroad or to offshore wallets
- This makes tracing and recovery more difficult
- Evasion & Obfuscation
- Use of multiple jurisdictions
- Frequent shift of accounts
- Low balance snapshots to avoid red flags
- Possible collusion from banks / fintech gateways
Impact, Risks & Victim Profiles
Scale of harm
With estimated exposure of ₹350 crore, this is among the larger illegal gaming / betting app busts in recent times. Many users may have lost life savings, deposits for other purposes, or been misled into borrowing to invest.
Victim types
- Retail individuals lured by promises of passive income
- First-time app investors
- Tech-savvy users as well as less informed users
- People using these apps via referrals or social media pushes
Psychological & financial damage
Victims often delay reporting losses out of shame or disbelief, leading to loss of forensic evidence. Emotional stress, reputational harm, family pressure, and financial ruin can follow.
Systemic risk to digital financial trust
Such rackets erode public trust in fintech, digital payments, banking, and the broader digital economy ecosystem.
Legal & Regulatory Context
Legal enforcement provisions
- The police have invoked sections under cheating, criminal breach of trust, Maharashtra Gambling Prevention Act (1887) in relevant states.
- ED actions involve Prevention of Money Laundering Act (PMLA) in tracing and attaching proceeds of crime.
Recent regulatory push on online gaming
The central government has attempted to regulate online gaming and betting via proposed legislation, stricter KYC/AML norms, and guidelines for gaming intermediaries. However, implementation is uneven, and illegal operators exploit gaps. Legal experts note that successful enforcement depends on inter-agency coordination, real-time monitoring, and capacity building at police / cybercrime units.
Coordination challenges
State police, central agencies, FIUs, RBI, SEBI, and fintech regulators must synchronize actions. Jurisdictional issues (because funds cross state & national boundaries) complicate seamless action.
#CyberCrime #IllegalBetting #NaviMumbai #OnlineGaming #FinancialFraud
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